The UK-based gym chain is plotting a financial restructuring that would involve a number of gym closures and steep rent cuts, Sky News learns.
The bulk of Fitness First's operations are in London, with clubs in prominent locations such as Oxford Circus, Baker Street and Liverpool Street.
Under different ownership, Fitness First had previously shed dozens of struggling UK clubs through a mechanism known as a company voluntary arrangement in 2013. The mechanism allows companies to 'cram down' creditors to force proposals through even if they vote against them. Roughly half of the company's 1,700-strong workforce was saved when Mr Whelan's rival, the Sports Direct tycoon Mike Ashley, engineered a deal for his Frasers Group to buy just over half of DW Sports' sites.
Danmark Seneste Nyt, Danmark Overskrifter
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