KNOXVILLE, Tenn. (WVLT) -- Knoxville-based 180 Sports and Fitness says its management has decided not to appeal the forced closure of the business as part of a Dec. 9 foreclosure action by Wells Fargo Bank, in which the bank took possession of the property and barred 180 management from the property.

In a news release, 180 says they had a financing agreement in place with a lend that would have allowed them to buy the property back from Wells Fargo. 180 says the property had been held by CJ Sports Enterprises, which operates 180 but does business as a separate company.

180 Sports and Fitness says the lender that was part of the tentative financing agreement reconsidered its commitment after Wells Fargo closed the business's doors.

"The events of the past 5 days have been nothing short of devastating to a local business that was on the verge of completing a financing deal that would have ensured its survival and success," 180 Sports and Fitness President Greg Copelan said in a written statement. "We would like to apologize to our members, clients and employees for the disruption that this has caused in your lives at this special time of year. Please know that we will continue to try and secure our financing and hopefully be back in business as soon as possible."