Town Sports International Holdings

[citation needed] As of June 30, 2006, TSI Holdings operated 152 clubs (part-owner of a few) with approximately 551,000 members.

[8] Forbes magazine reported that the company had a history of mishandling customer memberships, and that as of April 2020 had at least 24 membership-related federal lawsuits filed against it in a five-year span; a number disproportionately higher than TSI's competitors.

"[12] On April 3, the Attorneys General of the states of New York, Pennsylvania and the District of Columbia sent a letter[13] to CEO Patrick Walsh demanding he immediately cease charging monthly membership fees.

[15] Three weeks later, under pressure from the Attorneys General, the company agreed to issue credits and refunds of fees that had been charged to members.

[16] On September 14, 2020, Town Sports International filed for Chapter 11 bankruptcy, which allows for the company to remain open and to reorganize.

[1] On September 16, Bloomberg reported that Town Sports International and its creditors were pursuing a sale of the business.

[18] On December 28, SGB Media reported TSI subsidiary Empire Holdings and Investments, LLC announced the receipt of a $100 million loan facility in principal from Kennedy Lewis in exchange for 51% common stock.