Danish health club operator Repeat, launched in 2016 by serial fitness entrepreneur Rasmus Ingerslev, has filed for bankruptcy.
The news comes after the chain, which operates four clubs in Denmark and one in Sweden, had begun a reorganisation of its business in January.
Like most health club operators in Europe, Repeat has been hit hard by the pandemic and the forced shutdowns of its facilities.
When announcing its restructuring plans in January, Repeat said in a statement: "In recent years, we have both opened new clubs and made a number of conceptual adaptations and expensive renovations to improve conditions at our sites.
"These investments meant that we were vulnerable when the first pandemic lockdown hit us – a situation exacerbated by us not getting full help from the state.
"When we were allowed to open for business again, it became clear that we had lost many members – and then lost many more due to the fears relating to COVID-19.
"Despite these factors, after the reopening in June 2020 we still believed in a future for Repeat and we received fresh capital from both the owners and from the growth fund – and we adjusted our prices to be able to face a brighter future.
"When we were forced to shut down again, however, shortly before Christmas, we knew that we would face a really tough time.
"The extended shutdown has meant that our costs now far exceed our income, and therefore there is not enough capital to continue the further operation."
Discussions are now underway to try and find a possible buyer for Repeat's assets out of bankruptcy, or to find another way forward to save the operations.
Speaking to local media, Ingerslev said that at least one club – located in Aarhus – will close permanently, while there were also talks to sell the club in Sweden.
Described as an "urban millennial brand" Repeat clubs were 24 /7 sites, offering a wide variety of cardio and strength equipment, free weights and functional training.
There were separate virtual studios designed to match the type of classes offered: mind-body and high intensity (HIIT) classes respectively.
During his career, Ingerslev has created Denmark’s first chain of low-cost clubs; built the global virtual fitness technology company, Wexer, and has introduced boutique fitness to Stockholm and Gothenburg with Barry’s Bootcamp.
• To read an interview with Ingerslev and his partner, neuroscientist Dr Mouna Esmaeilzadeh, click here for HCM issue 7/2019