The plans came to light in a Worker Adjustment and Retraining Notification (WARN) Act letter from F45 Training to the Texas Workforce Commission. A WARN letter is a federally mandated notice that employers are required to provide to state governments in the event of major layoffs.
F45 Training, founded in Australia, has roughly 1,900 fitness studios across nearly 70 countries as of March and plans to open 350 to 450 more this year. Originally, this year's estimates for openings totaled 1,000 studios.
The company sold over 20 million shares for a $1.46 billion market value in July 2021, according to the Statesman. Shares today have fallen to $1.75 from $16 at its initial public offering that July, which saw the company raise $325 million.
The Statesman said F45 Training blames "ongoing macroeconomic uncertainty" for the drop.
F45 Training offers 45-minute workouts in which participants cycle through stations related to circuit, functional and high-interval training. Celebrities such as Cindy Crawford and Mark Wahlberg have backed the business as ambassadors, investors or partners.
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