Bally Total Fitness may file for Chapter 11

**Prince** · 03-15-2007, 05:55 PM

Gym operator Bally Total Fitness Holding Corp. (NYSE:BFT - News) said on Thursday it may have to file for Chapter 11 bankruptcy protection from creditors if it is unable to restructure its debt.

The company said it has $45 million in cash and $827 million in outstanding debt, adding that it is "exploring a broad range of options" for reducing it.

Chicago-based Bally also said it told the U.S. Securities and Exchange Commission that it is unable to file its annual report for 2006, which is due Friday.

The company said it doesn't know when it will be able to file the report and said it hired Jeffries & Co. as its financial advisor.

Bally also said it expects to post a loss from continuing operations in 2006, with membership revenue falling 3 percent, or more than $25 million less than 2005.

Bally has been struggling in recent years to attract new members. In 2005, the company put itself on the block, but was unable to find a buyer.

The fitness club chain also said membership collections have continued to fall through the first 11 weeks of this year, a trend that will continue "at least" through 2008, Chief Executive Barry Elson said in a conference call.

Elson said the company's strained finances have prevented it from making much-needed upgrades to its facilities in recent years, making it vulnerable to competitors offering sleeker amenities to consumers.

In order to ease Bally's financial woes, Elson said the company will make layoffs, renegotiate rents and close underperforming clubs.

Bally's stock, which closed up 2 cents at $1.99 on the New York Stock Exchange, has plunged nearly 80 percent in the last year.

Bally Total Fitness may file for Chapter 11: Financial News - Yahoo! Finance

oaktownboy · 03-15-2007, 06:19 PM

speaking from a bay area viewpoint, the ballys are in very inconvenient locations...not in major areas and catering to a more feminine crowd..

**Prince** · 03-15-2007, 06:23 PM

I am sure that 24 Hour Fitness is not helping matters either.

**Dale Mabry** · 03-15-2007, 06:30 PM

Great, nice to see the companies that dick people over get the ass-ram.

**I Are Baboon** · 03-15-2007, 07:13 PM

Screw Bally's.

musclepump · 03-15-2007, 08:37 PM

I work out at Ballys. And I hate them. Glad they're going under.

sara · 03-17-2007, 09:08 PM

Thats what happens when companies like Bally's lie to their members with their contracts

KentDog · 03-17-2007, 09:22 PM

Quote:

Originally Posted by musclepump

I work out at Ballys. And I hate them. Glad they're going under.

the nut · 03-17-2007, 11:38 PM

ponyboy · 03-18-2007, 11:32 AM

I work for them part time and I can honestly say it's one of the worst run companies I have ever seen from a management standpoint. I'm not surprised by this at all, I just hope they get bought out by someone good who can pump some money into the system.

GoalGetter · 03-18-2007, 07:43 PM

I worked for them briefly and hated every second of it. If they go under it would not be soon enough! good riddance.

ponyboy · 03-23-2007, 09:36 AM

You guys might be interested to know Bally's sold 12 gyms here in Toronto, all to 2 different chains, six to Goodlife Fitness and six to Extreme Fitness. Including mine.

Apparently they are planning on pumping $3 million into our club so it looks pretty sweet. We'll see what happens when the personnel changes take hold but for now they say they are planning on full renovations.

Decker · 03-23-2007, 09:46 AM

Quote:

Originally Posted by sara

Thats what happens when companies like Bally's lie to their members with their contracts

Well put. The company is shady.

03-15-2007, 05:55 PM	#1
Prince the one & only Administrator Join Date: Nov 2000 Location: Colorado Posts: 33,299 Blog Entries: 25 Photos: 313	Bally Total Fitness may file for Chapter 11 BODYBUILDING SUPPLEMENTS High Quality Supplements For Bodybuilders and Athletes. www.ironmaglabs.com Gym operator Bally Total Fitness Holding Corp. (NYSE:BFT - News) said on Thursday it may have to file for Chapter 11 bankruptcy protection from creditors if it is unable to restructure its debt. The company said it has $45 million in cash and $827 million in outstanding debt, adding that it is "exploring a broad range of options" for reducing it. Chicago-based Bally also said it told the U.S. Securities and Exchange Commission that it is unable to file its annual report for 2006, which is due Friday. The company said it doesn't know when it will be able to file the report and said it hired Jeffries & Co. as its financial advisor. Bally also said it expects to post a loss from continuing operations in 2006, with membership revenue falling 3 percent, or more than $25 million less than 2005. Bally has been struggling in recent years to attract new members. In 2005, the company put itself on the block, but was unable to find a buyer. The fitness club chain also said membership collections have continued to fall through the first 11 weeks of this year, a trend that will continue "at least" through 2008, Chief Executive Barry Elson said in a conference call. Elson said the company's strained finances have prevented it from making much-needed upgrades to its facilities in recent years, making it vulnerable to competitors offering sleeker amenities to consumers. In order to ease Bally's financial woes, Elson said the company will make layoffs, renegotiate rents and close underperforming clubs. Bally's stock, which closed up 2 cents at $1.99 on the New York Stock Exchange, has plunged nearly 80 percent in the last year. Bally Total Fitness may file for Chapter 11: Financial News - Yahoo! Finance
	Support the Board Sponsors: SBMuscle.com - Discount Supplement Superstore AlltheWhey.com - Bulk Protein Powders CEM Products - Research Chemicals & Supplements MusclePharm - Complete Nutritional Arsenal BigBackGrips - If you lift weights you've got to try these grips! CHECK OUT THIS NEW 6-PACK-ABS PROGRAM!

03-15-2007, 06:19 PM	#2
oaktownboy DEFINITION OF R@B Join Date: Jun 2003 Location: smog and fog Posts: 4,375	speaking from a bay area viewpoint, the ballys are in very inconvenient locations...not in major areas and catering to a more feminine crowd..
	Chuck Norris once lost his keys and couldn't remember where he put them. So he tortured himself for half an hour until he gave up their location.

03-15-2007, 06:23 PM	#3
Prince the one & only Administrator Join Date: Nov 2000 Location: Colorado Posts: 33,299 Blog Entries: 25 Photos: 313	I am sure that 24 Hour Fitness is not helping matters either.
	Support the Board Sponsors: SBMuscle.com - Discount Supplement Superstore AlltheWhey.com - Bulk Protein Powders CEM Products - Research Chemicals & Supplements MusclePharm - Complete Nutritional Arsenal BigBackGrips - If you lift weights you've got to try these grips! CHECK OUT THIS NEW 6-PACK-ABS PROGRAM!

03-15-2007, 06:30 PM	#4
Dale Mabry Moderator Moderator Join Date: May 2003 Location: Elsewhere Posts: 13,748 Photos: 10	Great, nice to see the companies that dick people over get the ass-ram.
	If sense were common, everyone would have it. 4/2007-Current 75th Ranked most popular image 1 spot behind Prince's bulge...

03-15-2007, 08:37 PM	#6
musclepump Celebrity PersonalTrainer Join Date: Nov 2004 Posts: 6,664 Photos: 128	I work out at Ballys. And I hate them. Glad they're going under.
	Let's all join together and SPEAK ENGLISH IN AMERICA.

03-15-2007, 07:13 PM	#5
I Are Baboon pedal pedal pedal Moderator Join Date: Mar 2001 Location: Beerville Posts: 10,737 Photos: 10	Screw Bally's.

03-17-2007, 09:08 PM	#7
sara cRaZy!!! Elite Member Join Date: Mar 2003 Location: Earth Posts: 6,304 Photos: 2	Thats what happens when companies like Bally's lie to their members with their contracts
	www.metzgerbodies.net www.myspace.com/smbdybldr

03-17-2007, 11:38 PM	#9
the nut striking down sinners Elite Member Join Date: May 2006 Location: ct Posts: 2,209 Photos: 6
	*I hope that donkey doesn't have a heinie troll!*

03-18-2007, 11:32 AM	#10
ponyboy Training Trainer Elite Member Join Date: Apr 2002 Location: Running around somewhere Posts: 2,608 Photos: 1	I work for them part time and I can honestly say it's one of the worst run companies I have ever seen from a management standpoint. I'm not surprised by this at all, I just hope they get bought out by someone good who can pump some money into the system.
	Today I can do what others will not so that tomorrow I will do what others cannot. The difference between winners and losers is that winners do things that losers don't want to do.

03-18-2007, 07:43 PM	#11
GoalGetter is still around... Join Date: Aug 2004 Location: Arizona Posts: 6,096	I worked for them briefly and hated every second of it. If they go under it would not be soon enough! good riddance.

03-23-2007, 09:36 AM	#12
ponyboy Training Trainer Elite Member Join Date: Apr 2002 Location: Running around somewhere Posts: 2,608 Photos: 1	You guys might be interested to know Bally's sold 12 gyms here in Toronto, all to 2 different chains, six to Goodlife Fitness and six to Extreme Fitness. Including mine. Apparently they are planning on pumping $3 million into our club so it looks pretty sweet. We'll see what happens when the personnel changes take hold but for now they say they are planning on full renovations.
	Today I can do what others will not so that tomorrow I will do what others cannot. The difference between winners and losers is that winners do things that losers don't want to do.

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