Aug 29, 2007 7:37 AM
Trustee Appointed for Fuel Fitness
NASHVILLE, TN – The U.S. Trustee Program appointed Gary Murphey as the trustee of the Fuel Fitness chain that is undergoing Chapter 11 proceedings.
Murphey, whose term began Aug. 2, is overseeing the chain’s day-to-day operations, including the restructuring of the company’s finances. He has 20 years in turnaround experience and is one of 400 Certified Turnaround Professionals.
In mid-July, a bankruptcy court judge named Murphey the company’s chief restructuring officer. Soon after, Fuel Fitness owner Manny Butera left the company to pursue other business interests. Fuel Fitness filed for bankruptcy last December.
Murphey, whose office is in Atlanta, says he is seeking new investors and hopes to have a new owner lined up by the end of the year.
Butera closed several of his Fuel Fitness clubs, including two in Chattanooga, TN, and two in Atlanta, as well as a tanning salon in Nashville, TN. Two more clubs in Huntsville, AL, are in pre-sale, Murphey says.
The five remaining Fuel Fitness clubs – four in Nashville and one in Clarksville, TN – are receiving improvements such as upgraded equipment, Murphey says. The clubs are still offering one-year memberships at $35 per month.
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