Titan to Team with Gold’s GymDALLAS – Titan Fitness Holdings announced today that it is in the process of closing on funding that would allow it to become one of the largest franchise owners of Gold’s Gym locations in the United States.... Shareholders Propose New Plan for BallyCHICAGO – Liberation Investment Group, the second-largest shareholder of Bally Total Fitness which last month threatened to sue Bally over its pre-packaged Chapter 11 reorganization plan, has come up with an alternative reorganization plan.... New Jersey Governor Signs Sales Tax Exemption BillTRENTON, NJ – New Jersey Gov. Jon Corzine signed a bill today that would exempt the initiation fees, membership fees and dues charged by nonprofit health and fitness clubs from the state’s 7 percent sales tax. ... FTC Franchise Rule to Take Effect July 1WASHINGTON, DC -- Revisions to the federal Franchise Rule will take effect on July 1, but the changes won’t become mandatory until July 1, 2008, according to the Federal Trade Commission (FTC). The FTC’s Franchise Rule has been in place since 1978 to offer potential franchisees the information they need to weigh the risks and benefits of investment in a franchise. ... Bally Begins Soliciting Approvals for Chapter 11 PlanCHICAGO – Bally Total Fitness announced today that it has commenced the formal process of soliciting approvals for a prepackaged Chapter 11 plan of reorganization from holders of the company’s 10 ½ percent senior notes due 2011 and the 9 7/8 senior subordinated notes due 2007. The voting agent must receive votes on the reorganization plan no later than 4 p.m. EDT on July 27, unless the deadline is extended.... Minnesota Becomes First State to Make PCI Compliance LawMINNEAPOLIS – Minnesota recently became the first state to turn a core requirement of the Payment Card Industry (PCI) Data Security Standard (DSS) into a law for all companies—including fitness clubs—that handle credit and debit card data.... Bally Moves Closer to BankruptcyCHICAGO – Bally Total Fitness announced an agreement today with noteholders that brings the company closer to a Chapter 11 bankruptcy filing, which Bally expects to happen “in the near future,” according to a press release.... Shareholder Threatens to Sue BallyNEW YORK -- It has been an active period for Bally Total Fitness since the company announced on May 31, plans to restructure under Chapter 11 protection. Liberation Investment Group, Bally’s second largest shareholder, threatened to sue the company in a letter sent Wednesday to Bally’s board of directors. In the letter, Liberation says that Bally’s pre-packaged bankruptcy plan was “draconian” because it cancels all existing equity. The company is expected to file for bankruptcy next month.... Equity Firms Eye BallyNEW YORK -- Bally Total Fitness, which announced plans for Chapter 11 restructuring last week, are reportedly being sought after by private-equity firms.... Oklahoma Club Owner Allegedly Sold SteroidsMUSKOGEE, OK – Prosecution witnesses described during a Tuesday hearing undercover drug buys allegedly made during a five-month investigation by a Muskogee, OK, fitness club owner, the Muskogee Phoenix reported.... Nearby Centers, Discount Programs Encourage ParticipationEAGAN, MN – According to a study by Blue Cross and Blue Shield of Minnesota, people who use fitness center discount programs are more likely to live close to a fitness center (63.3 percent of those surveyed live within two miles of a participating fitness center), and nearly half of fitness discount users (43 percent surveyed) say they joined a fitness center because of the discount.... Club One Partners with Silver Creek Sportsplex for New CenterSAN FRANCISCO -- Pre-sale memberships are underway for Club One Inc.’s newest fitness center set to open June 2007. Located in the Silver Creek community just south of San Jose, CA, the 60,000-square-foot fitness club marks Club One’s fifth edition to the South Bay, CA, area. The center will be located in the 200,000 square-foot Silver Creek Sportsplex, a family sports facility featuring in-line hockey rinks, soccer fields, restaurants and retail space. ... Rhode Island AG Dismisses Six Clubs From LawsuitPROVIDENCE, RI – The Rhode Island Attorney General’s office said Thursday that it has dismissed six of the 10 clubs from a lawsuit alleging they failed to properly register with the state, according to a report on the TV news Web site www.turnto10.com.... New York Sports Clubs to Open 50th NYC ClubNEW YORK – New York Sports Clubs (NYSC) will open its Rego Park location June 1 in Queens, NY, the company announced. The club will be the 50th NYSC location in New York City.... New Prairie Life Fitness Center to Open in NashvilleNASHVILLE, TN – Prairie Life Fitness will open a 60,000-square-foot center Monday in the Nashville section of Cool Springs.... Bally Obtains Waiver and Forbearance AgreementsCHICAGO – Bally Total Fitness announced today that it has secured limited waiver and forbearance agreements from the requisite holders of its 10 1/2 percent Senior Notes due 2011 and its 9 7/8 percent Senior Subordinated Notes due 2007.... Bally Agrees to Pay Consent FeeCHICAGO – Bally Total Fitness announced today that it has agreed to pay a one-time cash consent fee of $1.25 per $1,000 principal amount of notes to holders of its 10 ½ percent Senior Notes due in 2011 that execute a limited waiver and forbearance agreement by 5 p.m. EDT on Monday.... Indiana Gov. Signs AED BillINDIANAPOLIS – Indiana Gov. Mitch Daniels signed a bill on May 3 that requires the usage of automated external defibrillators (AEDs) in that state’s health clubs.... 24 Hour Fitness to Open Clubs in ChinaSAN RAMON, CA – Basketball star Yao Ming and 24 Hour Fitness have partnered up to open clubs in Yao’s native China.... New Fitness Center and Spa Enters Denver MarketDENVER – Pura Vida Fitness and Spa will become the anchor tenant of a four-story building in Denver’s Cherry Creek market. The facility will include a 4,000-square foot spa, a street-level café, appointed locker rooms, Kinesis and Pilates studios and group cycling and group exercise classes.... Bally Acting CEO ResignsCHICAGO – Bally Total Fitness Acting CEO Barry Elson announced today that he will step down from his post on May 31.... Two State Attorneys General Target ClubsNATIONWIDE – Fitness clubs have become the target in a lawsuit and a complaint by attorneys general in two states.... Bills Introduced in KS, IN and NYNATIONWIDE—A number of bills were recently introduced in states across the country, according to the International Health, Racquet and Sportsclub Association (IHRSA). The topics of interest were automatic renewal of contracts, automated external defibrillators (AED), and CPR and first aid certifications. ... Judge Orders Bally to Pay Discrimination SettlementFRESNO, CA – A federal judge ordered Bally Total Fitness to pay $24,000 to a Sikh man who sued when the company denied him a job after asking if he was Muslim, the U.S. Equal Employment Opportunity Commission said Wednesday.... Bally Stock to be DelistedCHICAGO – The New York Stock Exchange (NYSE) notified Bally Total Fitness that its common stock will be suspended prior to the market open on May 2 and that the NYSE will formally delist Bally’s stock, the club company announced. ... |
Ask the Experts
Featured Content
How-to articles to help you improve retention, increase sales, energize your group exercise programming and more.
Insights into what high-level club executives think about their business and industry trends.
News about fitness facilities, club owners, acquisitions, suppliers and more delivered to your in-box three times a month.
Practical Internet strategies to help you build customer relationships, increase revenues and lower costs. Most Popular |
||||||||
