YOUR TAX DOLLARS AT WORK: One of the gym's biggest debts is a default on a Yonkers taxpayer-funded loan with a principal of $104,00

JOURNAL NEWS: Yonkers Retro Fitness in bankruptcy and closed
By Ernie Garcia

YONKERS - Retro Fitness downtown has closed and filed for Chapter 7 bankruptcy while owing $104,000 on a taxpayer-funded loan.

On Wednesday, a man inside Retro Fitness said he could not say when the gym closed. He also said he didn't know if the gym's members would be compensated for any time remaining on their memberships.

A sign on the health club's entrances at 66 Main St. stated that the facility is closed "until further notice" and it apologized for the inconvenience.

Yonkers Fitness LLC filed Chapter 7 bankruptcy papers Nov. 13 in the U.S. Bankruptcy Court in White Plains. Chapter 7 bankruptcy allows for the liquidation of a business' assets by selling them and distributing the proceeds to creditors.

In its bankruptcy papers, the Yonkers Retro Fitness estimated its debts to range from $100,000 to $500,000 with less than $50,000 in assets. The court has scheduled a creditors meeting on the matter Dec. 12 at 12:30 p.m. at 300 Quarropas St., Room 243A...... 

http://www.lohud.com/story/news/local/westchester/yonkers/2017/12/06/yonkers-retro-fitness-bankruptcy/926927001/