New York Sports Clubs Owner to Book $135m-$155m in Impairment

Town Sports, owner of New York Sports Clubs, has determined that it will recognize a material impairment of the carrying values of its assets.

• Company unable to file Form 10-Q that was due July 6; says the report will not be timely filed within the granted extension period
• Town Sports currently anticipates “a material adverse impact” on its financial position during 2020, and reports substantial doubt about the company’s ability to continue as a going concern
• NOTE: April 14, New York Sports Clubs Owner Mulls Bankruptcy While Gyms Shut (1)

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