Mad Fitness Group blamed oversized studios, billing failures and F45's aggressive pandemic-era expansion for its Chapter 11 filing across six states.
The takeaway
Mad Fitness Group, which operates F45 Training franchises across Maryland, Florida, Georgia, Virginia, Kansas and Missouri, filed for Chapter 11 bankruptcy on August 9. The company will close 15 of its 31 remaining studios, citing $20.5 million in debt to related parties, billing failures and oversized locations from F45's rapid pandemic-era growth.
Mad Fitness Group LLC, one of the largest F45 Training franchise operators in the country, filed for Chapter 11 bankruptcy protection on August 9 in the U.S. Bankruptcy Court for the Southern District of Florida, along with 31 affiliated entities.
What's closing
The company operated F45 studios across Maryland, Florida, Georgia, Virginia, Kansas and Missouri, peaking at 32 locations in 2023. Under the bankruptcy filing, made under the streamlined Subchapter V process for small businesses, Mad Fitness Group plans to retain 16 studios, close 15, and sell one Kansas City location that's already under contract.
How the numbers add up
Court filings show the company held $3.9 million in assets as of December 31, 2025, against $20.5 million owed to related parties and roughly $527,584 in outside unsecured debt spread across 59 creditors. The company generated $11.3 million in gross income in 2025, but pre-filing monthly revenue of about $900,000 was running behind expenses that topped $1 million.
What went wrong
- Aggressive expansion during F45's rapid, pandemic-era growth as a newly public company.
- Studios built 20% to 30% larger than F45's standard footprint, inflating rent and operating costs.
- Billing failures that let some members use facilities without being charged.
- Introductory discount promotions that were programmed incorrectly, undercutting revenue.
Roughly 156 employees worked across the affected studios; the filing states no back wages are owed. F45 Training itself has struggled since its 2021 public debut at a $1.4 billion valuation — the stock lost about 90% of its value before the company delisted from the New York Stock Exchange in August 2023 and later settled a $10.5 million securities lawsuit.
If you're a member
Members at affected locations should watch for direct communication from their studio about closures, refunds for prepaid packages, or transfer options to nearby locations still operating.
