Town Sports International Holdings, Inc. (NasdaqGM:CLUB), the owner of New York Sports Clubs, filed for Chapter 11 bankruptcy on September 14, 2020 and plans to sell itself, after the coronavirus pandemic forced its gyms to close and caused revenue to dry up. Saying the pandemic “wreaked havoc” on its operations, Town Sports and 161 affiliates filed for protection with the U.S. Bankruptcy Court in Wilmington, Delaware. In a court filing, Town Sports said two separate groups of its lenders have expressed interest in buying the Elmsford, New York-based company as a going concern and offering debtor-in-possession financing to help it restructure. It said it preferred a proposal from Kennedy Lewis Investment Management LLC, its largest secured debtholder, including the possible assumption of 94 leases, to a proposal from private equity firm Tacit Capital and other lenders involving fewer leases.