When was 24 hour fitness founded

In April , due to the coronavirus gym closings, the company was exploring the option of filing for bankruptcy within the next few months.

The company was founded by Mark S. Mastrov and owned by AEA Investors. The company filed for bankruptcy in June In June , the company officially declared bankruptcy and indicated plans to close over gyms.

The show first aired in late Popular Timelines is a platform that gives you history of famous people, events, places and more in timeline format. Popular Timelines. July 31, On July 31, , 24 Hour Fitness settled a class-action lawsuit brought against it by 1.

July 13, Six former employees of 24 Hour Fitness filed a separate class-action lawsuit on July 13, January In January , the company expanded to the Chicago metropolitan area.

Given these beliefs, it was not surprising that Mastrov turned to the fast-food industry for inspiration on how to deliver a consistent product that kept customers coming back. In fact, he once told a reporter that the person he was most interested in meeting was McDonald's founder Ray Kroc, noting, "It would be interesting to see how he could keep quality in so many places around the world. In this way members could find a club close to home as well as where they worked, permitting them to conveniently schedule their exercise sessions during the week and weekends.

The company also began to develop a hub-and-spoke approach, offering different types of clubs and price points in the same market, so that some locations offered basketball courts and swimming pools while others provided the basic, cardio machines and weight training equipment.

A year later the company changed its name to 24 Hour Fitness, although many of the clubs continued to operate under the 24 Hour Nautilus name.

During this period the company also began to expand beyond the California market, acquiring smaller chains in the Pacific Northwest and Southwest, as well as Hawaii. Schlemm also departed the company to pursue other opportunities, leaving Mastrov to run the enterprise. The decline of the stock market in October of that year, however, scuttled the offering. In Fitness Holdings Europe Ltd. In these entities were merged with the domestic operation to create the present-day 24 Hour Fitness Worldwide, Inc.

In and the company acquired health clubs in Sweden, Norway, and Denmark, then in opened centers in Germany and Spain. But management soon grew wary of the European market and elected to pull out.

In the meantime, Ray Wilson, who had sold his fitness chain to 24 Hour Fitness in and briefly worked for the company, had built a new chain of fitness centers in Asia, which he then sold to 24 Hour Fitness in Some of these units were shed, but the company continued to operate centers in Hong Kong, Singapore, Korea, and Taiwan.

Although the company was still thwarted in its efforts to stage an IPO, 24 Hour Fitness had little difficulty finding backers. In , new investors were brought in during a recapitalization of it, concurrent with another equity round. Fitness USA closing Taylor location. What is the cheapest gym to join? But remember this: Even an inexpensive gym isn't a bargain if you don't go. Planet Fitness. Planet Fitness advertises itself as a gym for people who don't like gyms, with ads referring to every Planet Fitness location as a "Judgement Free Zone.

Gold's Gym. LA Fitness. What happens if I dont pay 24 Hour Fitness? After the Commitment Period, you may cancel by providing notice to 24 Hour Fitness. Upon your request to cancel, future monthly payments will be stopped and your last month's prepaid dues will be applied. The estate even comes with a small cottage that could house staff on site, he added.

Danilovich said. The property includes 6. Golden Gate Sotheby's International Realty.