On Friday, the world’s leading gym retailer, Gym World, was forced to shut its doors after it was unable to collect on debts owed to its members.
Gym World closed in May due to its financial difficulties and the bankruptcy of the parent company, Gyms International.
The online retailer says the company is facing a “very challenging” period with creditors.
“Due to the fact that the bankruptcy has taken place, we are currently facing a very challenging period in which we will be unable to fulfil our contractual obligations,” a statement read.
Gyms International is the UK’s largest gym retailer and the UK-based company was sold to Chinese firm Yum Brands for £14.5bn in April 2018.
Despite the sale, it said it is still “operating as a business” and that it is “continuing to build its business in a bid to become an international leader”.
The company said that “the company is now in a stronger position than ever”.
Groups and individual customers can still visit gyms to buy equipment and services and access membership benefits, and the company said it plans to re-open once it can collect its debts.
However, it added that there was “no guarantee” that the company will reopen on schedule, adding that “we will not be able to reopen for business until all the debts are paid”.
Gymboree is the parent of the company, and is one of the biggest gym chains in the UK, with 2.2 million members.
It said that it was “currently operating as a sole business” but that it had “some contractual obligations that we will continue to work through”.
“We remain hopeful that we can find a solution for the financial difficulties that have been experienced by the business,” it said.
A spokeswoman for Gym World told BBC News: “The business is being run from our home office in London, and we are working closely with our creditors to work towards a resolution that is fair for both parties.”
GymWorld will be reopening for business once the debts have been paid.