The fitness studio sector has faced economic issues over the last year with operators closing gym locations and, in some cases, filing for bankruptcy.
F45 Training fitness studio franchisee Mad Fitness Group LLC filed for Chapter 11 bankruptcy to reorganize its business facing financial challenges.
The Pinecrest, Fla.-based debtor and 31 affiliates filed their Subchapter V petition in the U.S. Bankruptcy Court for the Southern District of Florida in Miami, listing $100,000 to $500,00 in assets and liabilities, according to its petition filed on Aug. 9, 2026.
Mad Fitness Group’s affiliate MFG FL Dadeland LLC indicated in its petition that it would continue to operate in the ordinary course, and funds would be available for distribution to unsecured creditors. The debtor, however, did not include a list of unsecured creditors in its petition.
Mad Fitness Group operates in 6 states
F45 Training franchisee Mad Fitness Group operates 31 fitness studios in six states.
Global fitness and lifestyle studio chain F45 operates studios in the U.S. and 47 countries globally. The company’s parent franchisor, FIT House of Brands, has about 1,500 studios across its portfolio, mostly F45 Training locations.
Neither F45 Training, nor FIT House of Brands, filed for bankruptcy.
FIT House of Brands also operates Pilates brands F58 and Vaura Pilates.
Participation in fitness activities has been mixed in recent years, according to industry data.
Pilates participation increases
Pilates saw one of the fastest growth rates among fitness activities in the last seven years, rising nearly 40% since 2019, according to a 2025 report from the Sports and Fitness Industry Association.
Fitness cycling, however, had one of the largest declines among activities, decreasing 33.5% during the same period.
The fitness industry has faced a challenging market as fitness chains have closed and, in some cases, gone out of business over the last year.
Nike Fitness Studios shuts down business
Athletic shoe giant Nike attempted to enter the fitness studio sector with gym partner FitLab in 2023, launching Nike Fitness Studios, but exited the market after just three years in 2026.
“Nike Studios, the boutique fitness concept the footwear giant launched in 2023 alongside FitLab, has shuttered or suspended operations across all of its locations in Texas and California, according to widespread social media posts from members and trainers,” according to Athletech News.
FitLab co-founder and co-CEO Brian Kirkbride said Nike Studios would transition to its brands, including yoga brand Y7, small-group strength training brand Racked, Mile High Run Club and XPT, a performance wellness brand founded by Laird Hamilton and Gabby Reece.
“After careful consideration, the majority of the Nike Studios locations will be transitioning to FitLab’s owned portfolio of fitness brands,” FitLab co-founder and co-CEO Brian Kirkbride said in a statement to Athletech News.
Other fitness studio chains have closed locations without going out of business.
SoulCycle closes locations
20-year-old fitness studio chain SoulCycle closed three locations in California, and one each in Colorado, Florida, and New York on June 14, 2026. It had closed 20 locations earlier in 2022.
SoulCycle’s competitor Peloton cut expenses by 25% in 2025 and closed 24 of its 37 showrooms. It also laid off 11% of its workers in 2026.
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