But in May the company filed for bankruptcy, citing unmanageable lease contracts. In bankruptcy records, the gym's parent company, AGT Crunch Acquisitions, said it had at least $500 million in assets and liabilities. The company has since entered into a purchase agreement with New Evolution Fitness Co., whose founder also started 24-Hour Fitness.
The company has closed two gyms -- one in New York and another in San Francisco. A third gym was shut down, but replaced with another new gym around the corner.
Crunch plans to exit bankruptcy by the end of the summer.
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