24 Hour Fitness weighs bankruptcy amid coronavirus pandemic

Gym chain 24 Hour Fitness is working with advisors at investment bank Lazard and law firm Weil, Gotshal & Manges to weigh options including a bankruptcy that could come as soon as the next few months, people familiar with the matter tell CNBC.

The chain is grappling with a heavy debt load, deteriorating performance and a pandemic that forced it to shut its more than 400 clubs. The mid-priced fitness studio is already struggling to compete against premium rivals like Equinox and cheaper competitors like Planet Fitness. 

Credit ratings agency Moody’s recently downgraded the chain…