YogaWorks Inc. has filed for bankruptcy and plans to permanently close its dozens of studios across the U.S. but keep offering virtual classes. The California-based yoga studio chain is the latest fitness business to succumb to shutdowns and restrictions on gyms and in-person gatherings because of the coronavirus. YogaWorks said yesterday in a press release that its operations will continue via its livestream and on-demand digital platforms. YogaWorks was founded in 1987 and was purchased by private-equity firm Great Hill Partners in 2014. YogaWorks said that it has an agreement to sell its brand, digital platform and education business to Serene Investment Management LLC. Serene has also agreed to provide YogaWorks with a $3.35 million bankruptcy loan to fund its chapter 11 case.
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