Fitness Resource, a specialty fitness and cycling retailer with stores in Virginia, Maryland and Georgia, has filed a Chapter 11 bankruptcy petition in the  United States Bankruptcy Court/Eastern District of Virginia with plans to reorganize.

The company operates 11 stores. They include five in Virginia (Chantilly, Richmond, Springfield, Tysons Corner and Woodbridge); three in Maryland (Bethesda, Cockeysville, and Rockville), and three in Georgia (Buckhead, Mall of Georgia, and Atlanta).

The filing listed estimated liabilities between $10 million and $50
million and estimated assets betwen $1 million and $10 million.

Vendors on the unsecured creditors list include Johnson Health Tech, owed $1.79 million that reportedly includes a collateral FMV (fair market value) arrangement. Johnson Heath Tech is also owed $117,793 that is not protected.

Other trade creditors include Pacemaster, owed $330,980; Octane Fitness, $279,927; Landice, $216,748; Hoist Fitness, $182,045; LeMond Fitness, $155,020; and Hampton Fitness, $117,793.

According to a court filing, Fitness Resource was incorporated in December 1971 and sells fitness equipment, bicycles, and accessories for both. In addition, it sells commercial flooring, including sustainable green flooring, fitness flooring, synthetic turf and playground surfaces, and recycled rubber commercial flooring and hires outside installers for its customers. Fitness Resource provides repair and maintenance services for all products it sells.

Fitness Resource maintains its corporate headquarters in Sterling, Virginia and provides employment for 99 persons. It sells fitness equipment and bicycles in stores located throughout Virginia, Maryland, and Georgia. Fitness Resource also sells fitness equipment and flooring to commercial customers in the District of Columbia, Virginia, Maryland, North Carolina, South Carolina, and Georgia.

During 2010, its five largest suppliers – Johnson Health Tech, Life Fitness, Octane, Landice, and Hoist Fitness – accounted for 74 percent  of total purchases. Bicycles are bought from Jamis and Rocky Mountain. ECORE supplies almost all flooring.

Fitness Resource is seeking debtor-in-possession agreement with its former lender, Sonabank as well as interim use of cash  collateral to meet the daily needs of its business.