Town Sports International Holdings, Inc. (NASDAQ:CLUB) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02
On March 16, 2020, Thomas J. Galligan III notified Town Sports International Holdings, Inc. (the “Company”) of his resignation as a member of the Company’s Board of Directors (the “Board”). The resignation of Mr. Galligan is effective immediately, and was not due to any disagreement with the Company on any matter relating to the Company’s operations, policies or practices. The Board has appointed current director Spencer Wells to serve as Mr. Galligan’s replacement as chair of the Board’s Audit Committee with immediate effect.
On March 16, 2020, the Company was forced to close to the public approximately 95% of its locations to the exercise of emergency executive authority invoked by state and local governments in order to combat the spread of the coronavirus pandemic. The Company informed all non-executive employees working at locations that have been ordered to close that their employment with the Company has been terminated with immediate effect.
About Town Sports International Holdings, Inc. (NASDAQ:CLUB)
Town Sports International Holdings, Inc. (Town Sports) is an owner and operator of fitness clubs in the Northeast and Mid-Atlantic regions of the United States. The Company, through its subsidiaries, operates over 150 fitness clubs (clubs) and approximately three BFX Studio (studio) locations. The Company’s operating segments include New York Sports Clubs (NYSC), Boston Sports Clubs (BSC), Philadelphia Sports Clubs (PSC), Washington Sports Clubs (WSC), Swiss Sports Clubs and BFX Studio. It owns and operates over 105 clubs under the NYSC brand name within New York City, including in approximately 40 locations in Manhattan. It owns and operates approximately 30 clubs in the Boston region under BSC brand name, over 10 fitness clubs in the Washington, District of Columbia region under WSC brand name, and approximately five clubs in the Philadelphia region under PSC brand name. In addition, it owns and operates approximately three fitness clubs in Switzerland.