Retro Fitness YONKERS – Retro Fitness downtown has closed and filed for Chapter 7 bankruptcy whereas owing $104,000 on a taxpayer-funded mortgage.
On Wednesday, a person inside Retro Fitness stated he couldn't say when the health club closed. He additionally stated he didn't know if the fitness center's members can be compensated for any time remaining on their memberships.
An indication on the well being membership's entrances at sixty six Major St. said that the power is closed “till additional discover” and it apologized for the inconvenience.
Yonkers Fitness LLC filed Chapter 7 bankruptcy papers Nov. thirteen in the U.S. Bankruptcy Courtroom in White Plains. Chapter 7 bankruptcy permits for the liquidation of a enterprise' belongings by promoting them and distributing the proceeds to collectors.
In its bankruptcy papers, the Yonkers Retro Fitness estimated its money owed to vary from $one hundred,000 to $500,000 with lower than $50,000 in belongings. The courtroom has scheduled a collectors assembly on the matter Dec. 12 at 12:30 p.m. at 300 Quarropas St., Room 243A.
Retro Fitness' company workplaces didn't reply to a request for remark concerning the fitness center's closure.
One of many health club's largest money owed is a default on a taxpayer-funded mortgage with a principal of $104,000.
The unique mortgage quantity of $300,000 was obtained by Retro Fitness Funding Yonkers from the Yonkers workplace of financial improvement, and in flip the cash was lent to the fitness center's house owners.
The default led to a lawsuit to recuperate the debt. In accordance with the lawsuit papers filed Nov. 20, the well being membership's house owners Holly and Jason Wallman began lacking month-to-month funds of $2,943.eighty one on Jan. 1.
Retro Fitness Funding Yonkers is a restricted legal responsibility company whose principals embrace males who're principals in DW Capital, the corporate that developed sixty six Important St., a combined use retail-residential complicated.
Eric Wolf, a associate in DW Capital, stated on Wednesday that Retro Fitness' future is in the courtroom's arms.
“I think that if it have been to reopen it's as a result of the fitness center asset can be bought to somebody who would need to reopen it,” stated Wolf, including that he would contemplate any use from a grocery retailer to a fitness center.
Wolf famous that though the health club operators have defaulted on their mortgage to Retro Fitness Funding Yonkers, no taxpayer funds have been misplaced as a result of Retro Fitness Funding Yonkers has made the funds to Metropolis Corridor because the mortgage guarantor.