Although the pandemic has exacerbated the companys woes,Retail Divereports that the companys issues began prior to the virus. In most cases landlords and tenants are working together to get through this adversity. Yet, can the company weather the pandemic and will its customers return?According toForbes, its on the list of specialty retailers to watch for a Chapter 11 filing. Bankruptcy may be the only way to effectively reduce store count. Under certain state laws the following statements may be required on this website and we have included them in order to be in full compliance with these rules. NLR does not answer legal questions nor will we refer you to an attorney or other professional if you request such information from us. One retailer listed at the top of the list for this year is The Childrens Place. DC Circuit to Disputes Ancillary to Patent Matters: You Cant Sit Consumer Fraud PFAS Cases Continue To Rise. The slowdown compared to prior years brought the 2021 total as of June 30 to 242 cases, a drop from each of the prior 11 years except for 2014. This, coupled with a helium shortage last year for balloon sales and a poor Halloween could lead to a filing after the first of the year. The National Law Review - National Law Forum LLC 3 Grant Square #141 Hinsdale, IL 60521 Telephone (708) 357-3317 ortollfree(877)357-3317. Regal Entertainment Group Significant Rent Arrears. Dirty Steel-Toe Boots, Episode 16: Investigations and the OSH Acts DOE Issues FOA for Carbon Capture Large-Scale Pilots and Carbon A Forward Look at IRAs Sweeping Impact on the EV Sector [PODCAST]. These are the seven fitness and sporting goods companies that have filed for bankruptcy so far in 2020. 2021 1. Topics covered: supply chain and logistics, sourcing, real estate, merchandising, and more. Around 18% and 20% owe $500-$1,000 and $2,500-$5,000 in medical bills, respectively. IHRSA estimates the industry lost $20.4 billion in 2020, just one year removed from generating an all-time high of $35 billion in revenue. Justice Department Announces Application Form for Marijuana Pardon Certificates, HERE IT IS: The Czars HUGE Breakdown of the FCC NPRM is NOW AVAILABLE to Everyone. 3:30 p.m. | Complaints were filed this week seeking class action lawsuits against LA Fitness, Irvine, California, and 24 Hour Fitness, San Ramon, California. On April 19, 2021 (the "Petition Date") Body Tek Fitness, Inc. filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code.The Debtor's case was assigned case no. The ideal entry-level account for individual users. We have considered one 2021 bankruptcy as well. Available: https://www.statista.com/statistics/922841/us-health-clubs-by-revenue/, Health club industry companies by revenue in the United States in 2020, Available to download in PNG, PDF, XLS format, Total revenue of the global health club industry 2009-2019, Health club industry: Worldwide revenue by region 2009-2019, Health & fitness club companies by revenue worldwide 2020, Number of fitness and health clubs worldwide 2009-2019, Health clubs - total number by region worldwide 2009-2019, Countries with the highest number of health & fitness clubs 2019, Health & fitness club companies worldwide ranked by number of facilities 2020, Total number of members of health/fitness clubs worldwide 2009-2019, by region, Countries with the most health/fitness club memberships 2019, Health & fitness club companies by membership worldwide 2020, Total number of members of health/fitness clubs in North America 2009-2019, Boutique & high value low price gym membership in the United States 2010-2017, Total revenue of the North American health club industry 2009-2019, Health & fitness club companies by revenue in the United States 2020, Total number of health and fitness clubs in North America 2009-2019, Number of health clubs in the U.S. by state 2019, Fitness industry enterprises in the United States 2022, Fitness club employment in the United States 2012-2022, Hours per day spent on sports, exercise, and recreation in the U.S. 2009-2021, Share of U.S. civilians engaged in leisure and sport activities on weekdays/ends 2019, COVID-19: Share of people who would return to gym/exercise classes in the U.S. 2020, Comfort level with group fitness when COVID-19 improves in the U.S. 2020, COVID-19: estimate time for return to gym/exercise classes in the U.S. 2020, Market share of global health and fitness club industry 2021-2030, Gym, health & fitness club industry revenue in the United States 2012-2022, Gym, health & fitness club industry establishments in the United States 2007-2021, Gym, health & fitness club industry employment in the United States 2007-2021, Revenue share of fitness club companies in the United States 2015, Health/Fitness club companies - Healthtrax International revenue 2019, Health/Fitness club companies - Goodlife Fitness Canada revenue 2012-2014, Health/Fitness club companies - Qingdao Impulse Health Management revenue 2012-2017, Health/Fitness club companies - Goodlife Health Clubs Australia revenue 2012-2016, Health club industry revenue Australia 2013-2017, Health/Fitness club companies - Town Sports International Holdings revenue 2012-2017, Health/Fitness club companies - HSG Health Systems Group Limited revenue 2012-2017, Health & fitness clubs market size in the U.S. 2024, Health/Fitness club companies - Talwalkars Better Value Fitness revenue 2012-2016, How often people in the U.S. work out at their gym 2016, Reasons for not taking private fitness classes among Chinese HNWIs 2017, Frequency of going to the gym in Malaysia 2020, Health club industry companies by revenue in the United States in 2020 (in million U.S. dollars), Find your information in our database containing over 20,000 reports. LA Fitness Ltd. Revenue. The companys 358 stores and warehouses are set to close by the end of the wind-down process. You will be charged NLRB Places New Limitations on Confidentiality and Non-Disparagement Settlement Will Benefit Many Aging-Out Children in the Green Card SEC Commissioner Discusses Reform to Regulation D, Massachusetts AG Settles Enforcement Action Against Auto Lender. Can it weather this storm? H-2B Cap for Fiscal Year 2023 Is Met: A Supplemental Cap Increase As COVID-19 Emergency Waivers End, DEA Proposes to Expand Tele- How Employers Need to Prepare for the End of the COVID Public Health USPTO To Transition To Electronically Granted Patents In April 2023, Reductions in Force: Some High-Level Issues To Consider, CMS Streamlines Stark Law Self-Referral Disclosure Protocol (SRDP), The Alice Eligibility Two-Step Dance Continues, FTC is Talking Trash and Zeroing-in on Recyclable Claims, FTC Hosts Forum on Proposed Rule to Ban Noncompete Clauses. With over 1,100 Victorias Secret stores worldwide and 1,700 Bath & Body Works stores, it may behoove the company to file and sell off the Victorias Secret side of the house. The coronavirus outbreak has wreaked havoc on nearly every sector of the retail industry including fitness and sporting goods. Fitness View More. Like several other fitness companies, Cyc Fitness took a hit from closing its studios to prevent the spread of the coronavirus. View Details Cnn.com. Free Speech Shines Bright, Illuminates Patent Owners Right to Allege California Supreme Court to Address Rounding of Employee Time. A bankruptcy seems inevitable. Let Retail Dive's free newsletter keep you informed, straight from your inbox. AG Clamps Down on Local Solar and Battery Storage Moratoria. A trustee is appointed to liquidate (sell) the company's assets, and the . It also swung to a loss during the quarter, as its inventories did not match up with consumer demand. Rite Aid A Healthier Population Hurts. . A growing number of fitness companies have filed for Chapter 7 or Chapter 11 bankruptcy in recent months, after failing to recover from temporary government-mandated closures to gyms and indoor fitness facilities intended to prevent the spread of the disease. We have referred to several online sources to come up with the biggest fitness bankruptcies of 2020. (if applicable) for The Wall Street Journal. Can Nonprecedential Decisions Be Relied Upon? In, Club Industry. Supreme Court Clarifies the Meaning Salary Basis Under Federal OIRA Calls for Feedback on Recommendations to Encourage More FTCs One-Two Punch on Data Tracking and Health Privacy. So You're Green Prove It or Be Prosecuted: ACCC Sweep Finds 57 California Court of Appeal Addresses When Violations are Willful or Whats new in Belgium on the employment front? Jo-Ann Stores Private Equity Debt. But there are still many unknowns in the year ahead. One of our specialties is bankruptcy representation for owners, developers and/or landlords, nationally. Barnes and Noble A Book Store in Amazon Economy. LA Fitness's Profile, Revenue and Employees. 01 of 20. Off-price retailer Tuesday Morning Corp. filed for bankruptcy protection on Feb. 14, the second time since the onset of the pandemic. The music has stopped: A look at venture capital in retail, The running list of major retail bankruptcies, Party City plans to close 22 stores in bankruptcy, Tuesday Morning says lenders actions contributed to Chapter 11, Independent Pet Partners files Ch. Two U.S. chains, 24 Hour Fitness USA and Gold's Gym International, sought protection from creditors in spring 2020. In June, the largest childrensapparel retailer announced that it would shutter more than 300 stores. The National Law Review is not a law firm nor is www.NatLawReview.com intended to be a referral service for attorneys and/or other professionals. LA Fitness UK. YouFit Health Clubs (November) This Florida based company filed for Chapter 11 bankruptcy on Nov. 9. October 11, 2021. You need at least a Starter Account to use this feature. BIPA ALERT: Illinois Supreme Court Opens the Door to Punitive, President Biden to Nominate Julie Su as New Secretary of Labor, The European Unitary Patent: Why Retailers Should Care, New York City Employers Prepare for AI Bias Law [VIDEO], Administration's WOTUS Rule Muddies Jurisdictional Waters. Burlington Stores Will an Aggressive Expansion Help it Avoid a Filing? A similar share of CFOs said they expect revenue declines in the year ahead. The NLR does not wish, nor does it intend, to solicit the business of anyone or to refer anyone to an attorney or other professional. According to New Generation Research, Inc.'s BankruptcyData.com, there were 6,691 commercial bankruptcy filings in 2021, compared to 11,375 in 2020 and 10,056 in 2019. Get in touch with us now. as well as other partner offers and accept our, J. Conrad Williams Jr./Newsday via Getty Images. Months of pandemic shutdowns have taken their toll on the owner of LA Fitness gyms, WSJ Pro Bankruptcy's Soma Biswas and Alexander Gladstone report exclusively. "In 2021, there was 'only' $2.1 billion in total debt (brought to . As a Premium user you get access to the detailed source references and background information about this statistic. The pace of bankruptcies in retail hit a high-water mark last year, after years of elevated filings that tracked with a major shakeout in the industry. LA Fitness continues to seek innovative ways to enhance the physical and emotional well-being of our increasingly diverse membership base. Notable bankruptcies have come from the usual suspect industries, such as oil & gas and retail. How long can the company operate without filing for bankruptcy? The decline was largely driven by a roughly 31% fall in personal . Text. Supreme Court Clarifies the Meaning Salary Basis Under Federal OIRA Calls for Feedback on Recommendations to Encourage More FTCs One-Two Punch on Data Tracking and Health Privacy. Recent CFPB Actions Focus on Protecting Military Families, New and Updated Guidance on the Scope of the UK Plastic Packaging Tax. Can Nonprecedential Decisions Be Relied Upon? Get full access to all features within our Business Solutions. 21-43828 and is pending before the honorable Judge Mark A. Randon in the U.S. Bankruptcy Court Michigan Eastern District (the "Bankruptcy Court") Detroit division office. Desperate Times, Desperate Measuring Cups FTC Brings Enforcement Trending in Telehealth: February 20 26, 2023, IRS Sets Deadline For Using 401(K) Plan Forfeitures, How Generative AI Generates Legal Issues in the Games Industry, DOJ Announces New Nationwide Voluntary Self-Disclosure Policy. Top editors give you the stories you want delivered right to your inbox each weekday. Despite the companys corner on the big and tall market, retail apparel is facing huge difficulties in the COVID-era. Its Here The New National Cybersecurity Strategy. Forbesstill has it on its list of specialty retailers to watch for a Chapter 11 filing. House Energy & Commerce Subcommittee Holds Hearing on U.S. Hunton Andrews Kurths Privacy and Cybersecurity. The national gym chain 24 Hour Fitness announced that it will be closing 134 locations after filing for Chapter 11 bankruptcy on Monday. After first announcing plans to close all of its New York City studios in April, YogaWorks filed for Chapter 11 bankruptcy protection on October 14. Any legal analysis, legislative updates or other content and links should not be construed as legal or professional advice or a substitute for such advice. Some states have laws and ethical rules regarding solicitation and advertisement practices by attorneys and/or other professionals. Mandatory Arbitration Agreements Remain Valid in California, Antitrust Practitioners Expect Activity With Climate Issues. LA Fitness selling almost half its gyms and renegotiating rent on the remainder in bid for survival. If there is a filing, expect it after the first of the year to try and get new members with New Years resolutions. Unless otherwise noted, attorneys are not certified by the Texas Board of Legal Specialization, nor can NLR attest to the accuracy of any notation of Legal Specialization or other Professional Credentials. "Health Club Industry Companies by Revenue in The United States in 2020 (in Million U.S. Share Tweet Pin Email Trending Videos. Good News for American Businesses: H1-B Denial Rates Plummet Under USCIS Extends Comment Period for Proposed Fee Increases, OFCCP Rescinds Trump-Era Religious Exemption Rule. Brands listed failed to recover from temporary government-mandated closures to gyms and indoor fitness facilities earlier this year. . Use Ask Statista Research Service, U.S. fitness center / health club memberships 2000-2019, Number of U.S. health clubs & fitness centers 2008-2022, Percentage of U.S. population engaged in sports and exercise per day 2010-2021, U.S. health club industry revenue 2000-2020. Previously, it announced plans to close more than 200 Gap and Banana Republic stores, with more to come. Topics covered: retail tech, e-commerce, in-store operations, marketing, and more. US Executive Branch Update March 2, 2023. According toCNBC, the U.S. office supply retailerannounced plans to cut about 13,100 jobs and close certain retail stores by the end of 2023. AG Clamps Down on Local Solar and Battery Storage Moratoria. AMC When Was the last Time You Went to the Movies? Accepting Cryptocurrency and Digital Asset Donations: What Charities Need to Know. Mandatory Arbitration Agreements Remain Valid in California, Antitrust Practitioners Expect Activity With Climate Issues. to incorporate the statistic into your presentation at any time. According to theBusiness Insider, a recent filing with the SEC stated that the company may seek a restructuring under the protection of applicable bankruptcy laws if its unable to raise sufficient additional capital. Although the company had 700 locations at the end of the second quarter, it is now closing roughly 20% (140 stores) by the end of this year. By. Accepting Cryptocurrency and Digital Asset Donations: What Charities Need to Know. View Details Bizjournals.com. Thomas S. Onder is a Shareholder and member of the Commercial, Retail and Industrial Real Estate, Litigation and Bankruptcy & Creditors Rights Groups of Stark & Stark. House Energy & Commerce Subcommittee Holds Hearing on U.S. Hunton Andrews Kurths Privacy and Cybersecurity. You may visit 24hourfitness.com to locate your local club. LA Fitness A Footprint Reduction? 24 Hour Fitness says it hopes to reopen the majority of its locations by the end of June. However,StockNewsreports that the companys pivot to focus on e-commerce has generated increased online sales of 80%, posting a profit of $0.50 per share. Unless online sales can offset in-store losses, the company appears on the verge of filing. After record-breaking public company bankruptcies in 2020, major profile bankruptcy filings continue to roll in. a ch: Lng a., X Minh Long, Huyn H Lang, Cao Bng Address: Lung Da, Minh Long Commune, Ha Lang District, Cao Bang Province LA Fitness International LLC. However, the bankruptcy rate remains lower than the rates observed throughout the 1980s and 1990s. Christopher and Banks Tough Time for Womens Apparel. Gold's Gym plans to permanently close around 30 company-owned gyms, but its franchised locations will reopen as coronavirus restrictions are lifted. Retailers that might have chugged along for years filed as they ran into liquidity shortages or faced eviction over unpaid rent. The gym has been sued in the past by several former or current employees, all with similar complaints of negligence. Delaware-based Cyc Holdings, the owner of the indoor cycling chain Cyc Fitness, filed for Chapter 11 bankruptcy protection on October 14. Industry: Physical fitness facilities Printer Friendly View Address: 17446 Tulsa St Granada Hills, CA, 91344-4731 United States Corporate bankruptcies . Founded in Southern California in 1984, LA Fitness continues to seek innovative ways to enhance the physical and emotional well-being of our increasingly diverse membership base. In addition, numerous outlets report significant rent arrears to landlords. Yes, the number of personal and business bankruptcies filed last year in the country fell by nearly 30% from 2019 despite COVID-19. In these cases, many of them file jointly for bankruptcy, making the whole process a lot easier. As a result, we believe LA Fitness' leverage will be very high this year, and that free cash flow will remain negative through 2021 and could be minimal to slightly positive in 2022. The first is the companys recently redeemed $125 million in senior notes due The second is adeal with Microsoft to obtain a cut of all digital game purchases through gaming consoles that it sells. The Gap Fall Into Bankruptcy? 24 Hour Fitness filed for Chapter 11 bankruptcy in June, announcing at the time that it would permanently shutter 130 of its gym locations in the US. Although these steps are in the right direction, the company appears that it needs to still reduce footprint, significantly. Unless otherwise noted, attorneys are not certified by the Texas Board of Legal Specialization, nor can NLR attest to the accuracy of any notation of Legal Specialization or other Professional Credentials. 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Please do not hesitate to contact me. "If it were not for COVID-19 and its devastating effects, we would not be filing for Chapter 11," 24 Hour Fitness CEO Tony Ueber said in a statement. Then you can access your favorite statistics via the star in the header. Industry Revenue Plummeted by 58% in 2020. LA Fitness International LLC is weighing options including a capital raise to ease its roughly $1.7 billion debt load and keep its gyms operating during the pandemic, according to people with . Fitness View More. Still, many think that the company has too many stores. You need a Statista Account for unlimited access. Citing people familiar with the matter, Bloomberg reports that the fitness chain is mulling raising new capital and negotiating with lenders to work out an agreement that would help the company navigate the . Although most landlords and tenants have worked together during the adversity, there are still a number of problem tenants that may not be able to recover or who may now use the bankruptcy process to get rid of debt and actually restructure. The company said in a statement that it aims to use financial restructuring to "properly respond to the COVID-19 pandemic, with the long-term goal to emerge as a thriving powerhouse in the fitness industry.". After rapid leadership shakeup and significant debt, a ransomware attack and the pandemic followed, leading to Alex and Ani filing bankruptcy. (Brian van der Brug / Los Angeles Times) It could have been worse, but many gym owners chose . Bethany Biron. National gym chain 24 Hour Fitness has filed for bankruptcy, after the Covid-19 pandemic forced its facilities shut for months. The company was originally founded by Mark S. Mastrov and was . 21-13698- and is pending before the honorable Judge Scott M Grossman in the U.S. Bankruptcy Court Florida Southern District (the "Bankruptcy Court") Fort Lauderdale division office. dollars)." Still the company is on an aggressive expansion, adding 62 new stores, while relocating or closing 26 stores, for a total of 36 net new stores in fiscal 2020 (739 total stores). Bankruptcies driven by mass litigation defined 2021 as corporate defaults hit their lowest level in decades. At the end of the first quarter of this year, U.S. companies had amassed nearly $10.5 trillion in debt by far the most since the Federal Reserve Bank . Gold's Gym filed for Chapter 11 bankruptcy protection in May, shortly after the company announced it would shutter 30 locations that had been temporarily closed early on in the pandemic. California Law May Limit Hospitals Ability to Adopt The Joint Ankura CTIX FLASH Update - February 28, 2023, Ankura Cyber Threat Investigations and Expert Services. GAP Avoiding Bankruptcy, While Closing its Flagship Store? Justice and Commerce Departments Announce Creation of Disruptive United States Department of Justice (DOJ), Biden Executive Order 14091 Strengthens Equity for Federal Agencies. Our attorneys regularly represent owner, developer and/or landlord throughout the country, in leasing, buying/selling, 1031 Exchanges, refinancing, as well an enforcement activities. Confidentiality and Non-Disparagement Agreements with Non-Supervisory USCIS Confirms It Will Accept Employment-Based I-485 Applications New Jersey Enacts Bill of Rights for Temporary Workers, DOJ Implements Nationwide Voluntary Self-Disclosure Program. According to BDO survey data, 42% of retail CFOs reported that they expect to restructure or reorganize as fallout from the COVID-19 pandemic persists into . Bed Bath & Beyond Can Its On-line Pivot Avoid Bankruptcy? February 2021 Newsletters. $ + tax Party City Social Distancing Celebrations. A . Although the $10 million received from the PPP (Paycheck Protection Program) kept the company alive, it is doing everything it can to cut costs. Published: 05:50 EST, 8 March 2014 | Updated: 05:50 EST . The tide could shift over the course of the year, which means consumers could start refreshing their wardrobes and return to stores in greater numbers. February 2023 - Tuesday Morning. Shutterstock. 24 Hour Fitness Files for Bankruptcy, Will . Mattress Firm Still Too Many Stores? Still, the heavy back rent, multiple locations, and other debt issues make the gym a perfect candidate for a Chapter 11 restructuring. This copy is for your personal, non-commercial use only. That can mean a lot of things, but it includes bankruptcy. Telehealth Update: DEA Issues Long-Awaited Proposed Rule on Prescribing Controlled Navigating the FCC's Universal Service Program: Compliance Requirements for Service Providers, Financial Services: Use of Limitation-of-Liability Clauses in Fiduciary Relationships. An award-winning Apex fitness startup has filed for bankruptcy liquidation just weeks after its founder was sentenced to prison for what the feds describe as a scheme involving . Get retail news like this in your inbox daily. El propietario de la gestora, Formentor Capital, inyect 3 millones de euros en la cadena en octubre de 2021, como ya adelant este medio. As a Premium user you get access to background information and details about the release of this statistic. The companys lenders hired PJT Partners Inc. in August in anticipation of talks on a possible restructuring or to secure additional financing. According toBloomberg, the company wants to be more like an indie-book seller with enhanced offerings of food concessions, stationary, gifts, and games. Its Here The New National Cybersecurity Strategy. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. Popular Searches. Equinox Another Gym Filing? 2021 Turning Points: The Biggest Bankruptcies Thus Far. Nearly two-thirds of people who file for bankruptcy are married. Access to this and all other statistics on 80,000 topics from, Show sources information Bankruptcies were particularly high in September 2021, at 179, due to the impact from the fifth wave of the . The content and links on www.NatLawReview.comare intended for general information purposes only. According toForbes, the 448 store, Minnesota-based company founded in 1956 has suffered significant damage, as its cash balanced dropped from $3.2 million to $183 thousand in just three months. This page provides - Australia Bankruptcies - actual values, historical data, forecast, chart . Free Speech Shines Bright, Illuminates Patent Owners Right to Allege California Supreme Court to Address Rounding of Employee Time. Visas for F and M Students Can Now Be Issued 365 Days Ahead of Program Start Date. As part of the filing, the California-based company will permanently shutter all 55 of its locations nationwide. The fitness chain filed for bankruptcy on May 4. However, wind-downs are usually contingent upon concessions from landlords. In the years leading up to 2020, those retailers that were forced to reorganize, sell themselves or liquidate entirely were typically the heavily indebted, often from private equity buyouts. According toCrains New York, landlords are pursuing the private health club for more than $6 million in back rent. In a recent LA Fitness employee lawsuit, the plaintiff argued that he suffered "permanent disability" due to the negligent actions of LA Fitness employees. The company could follow in the footsteps of Golds Gym and 24 Hour Fitness, which both filed earlier this year. These losses represent a 58% revenue decline. According toForbes, the Pandemic accelerated apparel filings. Trends in the national Chapter 12 bankruptcy rates reflect a recent rise in farm financial stress. Profit from the additional features of your individual account. The company recently hired a real estate consulting firm to assist in lease re-structuring. Topics covered: e-commerce, payment technology, IT, in-store tech, cyber security, and more. According toCNBC, second quarter sales fell 39% to $1.01 billion. Visas for F and M Students Can Now Be Issued 365 Days Ahead of Program Start Date. White House Reviewing Proposed Regulations on Reinstated Superfund You Dont Need a Machine to Predict What the FTC Might Do About Is It Compensable? Here are all the companies that have gone bankrupt since the pandemic began. Legislative Package Includes Bills to Advance Biofuels Research, PTO to Begin Issuing Electronic Patent Grants, OSHA to Expand the Use of Instance-by-Instance Penalties. Adding the success of bed in a box retailers in recent years, places the company squarely in line for a Chapter 22 (a second Chapter 11 filing) to reduce its store count to remain competitive. The Wall Street Journalreports that Regals owner, Cineworld Group PLC secured a $450 million loan to stay afloat through at least early 2021. 2021 Started Promising With a January Uptick in Visits. The figures also show that only 9.2% of people who earn $60,000 per year go bankrupt. According to New Generation Research, Inc.'s BankruptcyData.com, there were 6,691 commercial bankruptcy filings in 2021, compared to 11,375 in 2020 and 10,056 in 2019.