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Crunch in Pain

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The recession has hit the fitness world, with Crain's reporting today that major gym chain Crunch has filed for bankruptcy. The company owes money to more than 50,000 creditors. So far, the Hollywood location is safe, but it sounds like nothing is certain. "Crunch says it will close only one of its 25 currently operating locations—the 25 Broadway spot in Manhattan, owned by 25 Broadway Office Properties. Late last week, the company's West 43rd Street and 11th Avenue site at the Riverbank West building, which offered a discounted rate for building residents, closed unexpectedly, according to members." [Crain's]