Some questions need quick, direct answers. Here’s one: Is F45 going out of business? The quick answer—no, but things look rough. F45 is an Australian-born fitness brand that exploded in popularity. It built a massive global franchise network selling group workouts, HIIT training (high-intensity interval training), and a community feel.
In recent years, though, headlines about F45 are less about its workouts and more about crisis. If you own a gym, want to buy a franchise, or just use F45, you need to know what’s happening. Let’s break down the facts—so you can make clear, confident decisions without hype.
F45’s Operational Status
First, you want to confirm if F45 is still open for business. According to their 2025 disclosures, F45 still operates more than 200 studios in Australia and more than 1,500 worldwide. The doors are open, the classes are running, and new franchisees are still being recruited.
Here are questions you should ask if you’re considering buying a franchise:
– How many studios are in my city? (Call F45 or check the website.)
– Are any studios closing nearby? (Watch for “For Sale” signs.)
– Can you contact at least three current owners for their experience?
Tip: Always run a quick Google News search for “F45 closure” or “F45 liquidation” with your city’s name.
F45 by the Numbers: Australia and Global
– Over 200 F45 studios still operate in Australia (2025 figures).
– Over 1,500 F45 studios still open worldwide.
– The U.S., U.K., and Canada are second only to Australia in F45’s count.
When you see these kinds of numbers, it means the core brand is alive—even if far from its 2021 highs.
Financial Challenges
The real trouble started when F45’s financial stability showed big cracks. Here’s what happened:
– F45 reported losses of $372 million US over 2021 and 2022.
– In 2023, the company was delisted (removed) from the New York Stock Exchange after its share price dropped by over 95%.
– The business admits to “material errors” in its past financial reports—a red flag for any investor or lender.
Ask yourself: Would you buy stock in a business with those numbers? Most people wouldn’t—even if the brand name is strong. This creates a ripple effect: franchisees, landlords, and suppliers become nervous.
How the NYSE Delisting Hurts the Business
Stocks get delisted when share prices drop too low or filings are missed. At its peak in 2021, F45 shares sold for $16–17. By 2023, the price fell to pennies. Delisting means:
– The brand loses exposure to U.S. investors.
– Raising big money gets much harder and more expensive.
– Franchisees worry that support and innovation will dry up.
For an entrepreneur, losing trust in your main “parent” company is a serious risk. Plan for this in your own scenario analysis—how will you handle less head office support?
Franchisee Struggles: The Cold Facts
Let’s make it real. Many F45 franchisees have shuttered their doors. Reports from 2023–2025 show dozens of studio closures in Australia alone. Gym liquidation is becoming common. Franchise listings for sale are stacking up on sites and local classifieds.
Ask yourself before buying or renewing:
– What’s the survival rate of studios in my region?
– Are new members easy to attract—or is the “buzz” gone?
– If you had to exit, how easy would it be to resell your franchise?
Tip: Ask to see membership trends from studio owners—not just the official sales pitch.
How Franchise Failures Happen (In Plain Steps)
1. Studio launches with high hopes and startup costs over $300,000.
2. COVID-era expansion creates more competition, not more members.
3. Operating costs (rent, trainer salaries) stay high as member numbers drop.
4. A few bad financial quarters force cutbacks, then closure.
It’s not unique to F45, but the pace of closure has been much faster than most fitness chains.
Why Is F45 in Decline? Key Factors
Be practical and ask “What caused this mess?” For F45, it’s a mix of mismanagement, economic pressures, and eroding market trust.
Here’s the quick list:
– Overstated financial performance (admitting “material errors” in 2021–2022 filings).
– Stock price collapse and lost investor backing.
– Franchisee overexpansion with weak support.
– Market saturation—too many studios, not enough new members.
– Layoffs and high leadership turnover.
When you’re ready to research a new franchise, study these five risks across any brand, not just F45.
Current Status: Barely Hanging On
Despite the issues, F45’s head office hasn’t filed for bankruptcy. The company still trains and supports franchise owners. But it’s battling serious damage:
– Layoffs have cut much of the corporate staff.
– The founder and top executives have changed multiple times since 2022.
– The startup “glow” is gone, and buzz among fitness fans is quieter.
If you’re in the fitness business, watch for these warning signs in your own brand.
What Measures Has F45 Tried?
To stay afloat, F45 is:
– Closing or selling underperforming studios.
– Scaling back corporate hiring and support budgets.
– Seeking new investment from private equity, not public markets.
– Tweaking the franchise model (for example, offering better deals to high-performing locations).
Plan for slower support if you buy in now—don’t expect rapid help from head office.
Future Prospects: Can F45 Recover?
This is the part every entrepreneur wants to know. Could F45 reverse its fortunes? There’s no easy answer, but here’s your practical checklist:
1. Is the fitness industry growing in your area?
2. Is group training still popular, or do members want flexible, digital options?
3. Can F45 fix trust with new financial transparency?
4. Are new franchisee incentives enough to spark growth?
5. Can survivors in the system adapt, or will they leave for independent gyms?
If you own a studio, set a survival target. Define a break-even member count and update it each month. Track your renewal rates and lead flow. Don’t just hope—run the numbers every week.
Tip: Always have an exit plan—what would it take to sell or close with minimal loss?
Winning Moves for Franchisees (Even in Tough Times)
– Build a direct local following, never rely just on brand marketing.
– Know your break-even point, then add a 20% buffer for real safety.
– Talk to owners of failed locations—what mistakes can you avoid?
– Prioritize alternate revenue—consider in-studio retail, PT (personal training), or outdoor classes.
– Watch industry news using sites like In Business Point for sector updates.
Tip: If you’re on the fence about renewing, list your studio for sale at a fair price and watch inquiries.
Is F45 Going Out of Business? The Takeaway for Entrepreneurs
Here’s the bottom line if you’re looking for a smart, realistic assessment. F45 is hurting—severe losses, NYSE delisting, and a wave of franchise failures mean new and existing owners face more risk than ever. But the brand is not dead yet. Over 1,500 studios remain, and the big franchisor is still operating.
You should focus on fast, fact-based research:
– Check current open/closed studio counts in your region.
– Review recent financial data directly from corporate.
– Speak with live franchisees, not just sales reps.
– Model your worst-case outcome—would you survive if 20% of members left?
– Build a plan that works if support from F45 head office shrinks.
Success now relies more on your own hustle and insight, less on the core brand. If you’re evaluating a new opportunity, look for brands with healthy financials, stable leadership, and clear demand.
When you’re ready to make your move, keep your eyes wide open. List costs, model outcomes, and talk to your peers. Real opportunity exists—but only for business owners who research, prepare, and adapt as problems become clear.
Do you need a deeper franchisee risk analysis or want more case studies? Drop us a note—and always keep your due diligence process current. An informed choice is your best defense in any market.
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