24 Hour Fitness Worldwide, Inc. and Equinox Holdings Inc. are pursuing out-of-the-box ways to raise cash from investors, as the gym franchises manage through a prolonged downturn catalyzed by the Covid-19 pandemic.
After burning through much of its cash this year, 24 Hour Fitness in October agreed to borrow up to $70 million in a transaction that will help the company fund its operations into next year, according to people familiar with the matter. The company didn’t project that it would need additional capital when it exited bankruptcy late last year, according to court filings.
