David Barton, the gym king of Chelsea, already has one major dilemma on his hands: a lawsuit alleging he fired a couple of “fucking dyke” trainers over their sexuality. But here’s a whole new headache (that’s been brewing for a while): he’s facing bankruptcy.
Last week the 19-year fitness company filed for Chapter 11 protection and to “make way for a new alliance with Meridian Sports Club, a California-based chain” that also operates under the name Bodies in Motion, relays Crain’s. And what’s a little thing like $65.5 million in debt (on $28.3 million in revenue last year) to stand in the way of that?
David Barton Gym insists it doesn’t have a cash flow problem — your monthly dues help with that — but it’s just carrying too much red ink to stay afloat. Thus, bankruptcy.
But fret not, gym bunnies (and that means you, Anderson Cooper): the DB facilities will remain open “while we complete the financial restructuring over the next four months,” says Barton. Spotter, anyone?