Bouldering gym files for bankruptcy after closing one location
Denver Bouldering Club Files for Bankruptcy After Closing Thornton Location
Denver Bouldering Club, a local gym operator, recently filed for Chapter 11 bankruptcy after shutting down its Thornton location. The company, which first opened its doors in 2009, is making efforts to keep its remaining two locations in Englewood and Denver’s Valverde neighborhood operational.
According to court documents, the decision to file for bankruptcy was primarily due to the underperformance of the Thornton location, unfavorable lease terms, and a decrease in memberships leading to cash flow issues. The company stated that the Thornton location was dragging down its overall financial health.
While the leases for the Englewood and Valverde gyms have a year remaining, the Thornton lease still has five years left. Denver Bouldering Club has requested the court’s permission to exit the Thornton lease, citing financial losses and burdensome conditions at that location.
Thomas Betterton is the majority owner of Denver Bouldering Club, holding 64% of the company, with the rest owned by Ben Bryant, Matt Bucaric, and John Gass.
Financial records show that the gym had revenues of approximately $1.3 million in both 2023 and 2024. However, as of July 3, 2025, the company had only generated $288,000 in revenue for the year, with a projected total of $833,000. With $89,000 in assets and $526,000 in liabilities, the gym’s largest creditor is the U.S. Small Business Administration, to which it owes $492,000.
Despite facing financial challenges, Denver Bouldering Club continues to pay its staff, consisting of 10 hourly employees and six salaried workers, with monthly payroll expenses totaling $40,000.
The company expressed confidence in its business model’s profitability but acknowledged that it was unable to meet its financial obligations, leading to the bankruptcy filing. Memberships at the gym cost $72 per month for business hours access, with additional options for 24/7 access for a slightly higher fee.
When the Thornton location was established in 2019, Betterton highlighted the growing popularity of bouldering in the climbing industry and the untapped potential in the Front Range area. The gym had invested between $500,000 and $1 million in the buildout of the Thornton spot.
Denver Bouldering Club is being represented by attorney David J. Warner of Wadsworth Garber Warner Conrardy in its bankruptcy proceedings.
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