COVID Restrictions On Gym Operations Do Not Excuse Fitness Companies From Loans

Mealey's (September 12, 2022, 1:38 PM EDT) -- CHICAGO — An Illinois federal judge on Sept. 7 granted a Massachusetts bank’s motion for summary judgment in its lawsuit against several Chicago-area gyms and their manager for breach of contract after the gyms defaulted on loans and failed to surrender gym equipment that the gyms put up as security, at the same time denying the gyms’ motion for summary judgment releasing them from their loan obligations based on frustration of the purpose of the loan contract caused by the executive orders of Illinois Gov. J.B. Pritzker shutting down gyms to prevent the spread of COVID-19....