The Crunch gym chain filed for Chapter 11 bankruptcy protection as part of a plan to be bought by some of its creditors. The New York business, formally named AGT Crunch Acquisition LLC, hopes to keep its top executives in place as well as keep most of its 30 gyms in major U.S. cities open through the deal. 

Depending on what the court has to say, this sale could be done within 60 days.  New Evolution Fitness Co. and "certain investing affiliates of Angelo, Gordon & Co." will be the buys. New Evolution was started by 24 Hour Fitness founder Mark Mastrov. Mastrov will become the new chairman of Crunch under the reorganization, with Jim Rowley of New Evolution becoming vice chairman. Crunch announced it will be closing two gyms in Manhattan as part of the deal.

If you or someone you know is considering filing for bankruptcy, contact Austin bankruptcy attorneys of Slater Kennon LLP at 512-338-1100.