24 Hour Fitness has retained Lazard and Weil, Gotshal & Manges to explore financial options including bankruptcy, according to CNBC. The fitness chain faces a heavy debt load, deteriorating performance and a pandemic that forced it to shut all 448 clubs.

CNBC wrote, “The people, who requested anonymity because the information is confidential, cautioned that bankruptcy is not definite, and may still be avoided.”

CNBC noted that 24 Hour Fitness has an $837 million term loan with a so-called springing maturity in March 2022 and $500 million in unsecured notes maturing in June 2022, if more than a fifth of those notes remain outstanding.

Photo courtesy 24 Hour Fitness