The Mark Wahlberg-backed fitness franchise F45 is hanging by a thread after restated financial accounts reported a $US370 million loss over the last two financial years.
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Physical and Mental Health - Exercise, Fitness and Activity
Healthy body, healthy mind! Physical Exercise, Fitness, Running, Jogging, Gym and Activity. Twitter Hashtag: #GymEd Curated by Peter Mellow |
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The Mark Wahlberg-backed fitness franchise F45 is hanging by a thread after restated financial accounts reported a $US370 million loss over the last two financial years.
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Investors, some of whom paid $US16 per share in the July 2021 public float on the New York Stock Exchange, watched the stock hit a record low of just US7.26¢ last week.
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F45 has to restate its financial accounts dating to the 2021 financial year due to revenue reporting errors.
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F45 has been celebrated as an Aussie success story, but the company now faces multiple lawsuits in the US, a stock price collapse and a growing number of franchises on the market or going bust. Will the fitness empire weather the storm?
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Lucrative deals with celebrities such as David Beckham, Greg Norman and Cindy Crawford were key to F45’s aggressive US expansion. But they also cleaned out the company’s coffers.
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The embattled fitness franchise backed by Mark Wahlberg said that more than 300 US franchise sales have been cancelled and more are in doubt as it reported a $55 million loss for the June quarter.
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The embattled Australian fitness group F45 will hold a conference call with its franchisees later this week to discuss the problems afflicting the parent company.
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Fast-paced workouts and strong branding have driven the F45 empire. Now it’s struggling, but the devotees swear by it.
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Luke Istomin says a combination of COVID and F45’s rash expansion plans - backed by celebrity investor and board member Mark Wahlberg - may have been its undoing.
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The fitness heavyweight suffers a major defeat in its legal fight to prevent a key competitor from using similar electronic coaching programs.
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After nearly nine years in the business and with a slate of new competitors, F45 Training has hired Gunnar Peterson, known for working with the Kardashians, Rebel Wilson and Tom Brady.
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In seven years the Australian-born chain claims to have trained more than 1 million people worldwide. What’s the appeal?