New York Sports Club Owner Warns of Bankruptcy With Gyms Shut

The owner of the New York Sports Clubs chain said it may need to file for bankruptcy “in the near future” as many gyms across the country remain closed to stem the spread of Covid-19.

Town Sports International is in talks with its lenders to refinance a loan coming due this fall as its cash flow and liquidity continue to tighten, the company said in a regulatory filing Tuesday. The gym owner and operator said it doesn’t have enough cash on hand to repay the debt when it comes due in November.

The company missed a payment on its revolver ...