Denver Bouldering Club, a local gym operator, has filed for bankruptcy after closing one of its three locations.
The business, which opened its first boulder gym in 2009, filed for Chapter 11 bankruptcy in early July in a bid to keep two locations in Englewood and Denver’s Valverde neighborhood open.
The third location, in Thornton, closed days before, at the end of last month. In an Instagram post, the company cited only “unforeseen circumstances.” But in court documents, the company said the spot was dragging it down.
“(DBC) was forced to file bankruptcy due to an underperforming location, unfavorable lease, and a dip in memberships, which created cash flow issues,” the company said in one filing.
The company did not respond to requests for comment from BusinessDen.
The lease in Thornton has five years remaining, documents show, while leases for the still-operating gyms each have a year remaining.
The company has asked a judge to let it exit the Thornton lease, saying the location “is losing money and is burdensome.” A judge has yet to rule.
Thomas Betterton owns 64% of Denver Bouldering Club, per court filings. The remainder of the company is owned by Ben Bryant, Matt Bucaric and John Gass.
Court documents show DBC had revenue of about $1.3 million in both 2023 and 2024. As of July 3, it had revenue of $288,000 in 2025, and forecast total sales of $833,000 for the full year.
The gym reported $89,000 in assets and $526,000 in liabilities. Filings show its biggest creditor, the U.S. Small Business Administration, is owed $492,000.
Costs also include $40,000 in payroll monthly for 10 hourly and six salary employees, filings state. The gym successfully petitioned the court to keep paying its staff while it goes through the Chapter 11 process.
“While (DBC’s) business model has the potential to be profitable, (it) could not maintain its prepetition obligations,” the company said in one filing. “Faced with mounting debt and limited liquidity, (DBC) had no viable option but to seek bankruptcy protection.”
DBC memberships cost $72 a month for use during business hours, according to the company’s website, which also shows other options including 24/7 access for just $10 more. Its website also shows several other options, including 24/7 access for $82 a month and more flexible packages.
When the gym signed its Thornton lease in 2019, Betterton told BusinessDen that bouldering, in which participants climb up 15-foot walls with no harnesses or ropes, was a fast-growing part of the climbing industry. He also said buildout for the Thornton spot would cost DBC between $500,000 and $1 million.
“With how outdoorsy the Front Range is, climbing is underserved,” Betterton said at the time.
Attorney David J. Warner of Wadsworth Garber Warner Conrardy is representing the company in bankruptcy proceedings.
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