U.S. Markets closed
  • S&P Futures

    3,648.25
    +15.50 (+0.43%)
     
  • Dow Futures

    30,129.00
    +131.00 (+0.44%)
     
  • Nasdaq Futures

    12,143.75
    +67.75 (+0.56%)
     
  • Russell 2000 Futures

    1,859.40
    +7.90 (+0.43%)
     
  • Crude Oil

    44.82
    -0.09 (-0.20%)
     
  • Gold

    1,805.90
    +1.30 (+0.07%)
     
  • Silver

    23.27
    -0.03 (-0.13%)
     
  • EUR/USD

    1.1905
    +0.0008 (+0.0714%)
     
  • 10-Yr Bond

    0.8820
    +0.0250 (+2.92%)
     
  • Vix

    21.64
    -1.02 (-4.50%)
     
  • GBP/USD

    1.3364
    +0.0005 (+0.0388%)
     
  • USD/JPY

    104.4620
    -0.0180 (-0.0172%)
     
  • BTC-USD

    19,134.32
    +14.02 (+0.07%)
     
  • CMC Crypto 200

    381.00
    +11.25 (+3.04%)
     
  • FTSE 100

    6,432.17
    +98.33 (+1.55%)
     
  • Nikkei 225

    26,655.98
    +490.39 (+1.87%)
     

New York gyms to reopen: Planet Fitness CEO says his chain is ready to go

Brian Sozzi
·Editor-at-Large
·3 min read

Planet Fitness (PLNT) CEO Chris Rondeau is locked and loaded in getting New York’s gym fans their first true pump in months.

New York Governor Andrew Cuomo said Monday gyms will be allowed to open on Aug. 24. Gyms have been closed since mid-March due to the COVID-19 pandemic. It won’t be back to business as usual for gyms in New York, however. Cuomo only signed off on gyms operating at one-third of their capacity as a means to prevent a spike in COVID-19 cases.

But at this point, gym chains will take any positive news in New York — a key market for fitness chains.

“This is a big step in the right direction for us. We have about six states we are not open in today. Hopefully this is the beginning of the end of closures and we begin to get stores open,” Rondeau told Yahoo Finance’s The First Trade. Planet Fitness — the biggest publicly traded gym operator with more than 2,000 locations worldwide — has about 130 sites in New York.

Prior to Cuomo’s decision, Planet Fitness had reopened 1,500 sites across the country. Rondeau says memberships have been “flat” at these reopened locations, which he views as a win (cancellations wouldn’t be good).

A person wears a mask while leaving a Planet Fitness gym location during the coronavirus pandemic, in Des Plaines, Ill., Wednesday, July 29, 2020. Planet Fitness will require masks at all locations beginning Aug. 1. Currently, all Planet Fitness employees are required to wear masks. (AP Photo/Nam Y. Huh)
A person wears a mask while leaving a Planet Fitness gym location during the coronavirus pandemic, in Des Plaines, Ill., Wednesday, July 29, 2020. Planet Fitness will require masks at all locations beginning Aug. 1. Currently, all Planet Fitness employees are required to wear masks. (AP Photo/Nam Y. Huh)

Rondeau and his teams are now focused on supercharging Planet Fitness’ health protocols (masks are mandatory for visitors) for its gyms and encouraging people to come back. Planet Fitness has also boosted its mobile app capabilities, for instance adding a feature for a member to check capacity at a local gym before visiting.

“There should be a way to start using indoor gyms that has a virus level of New York City with decreased density, increased ventilation, and scheduling yourself at the gym,” explained Yahoo Finance medical contributor Dr. Dara Kass. “I think it’s really a move in the right direction.”

Even still, there is a lot of ground for former Wall Street darling Planet Fitness to claw back. The company’s second quarter net sales declined 77.9% year-over-year and it posted a once unheard of loss. Planet Fitness shares are down 27% year-to-date, according to Yahoo Finance Premium data.

Brian Sozzi is an editor-at-large and co-anchor of The First Trade at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn.

Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, SmartNews, LinkedIn, YouTube, and reddit.