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The_Punisher
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« on: August 01, 2007, 09:48:34 AM » |
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hahahaha...it's about time these morons realizet hat they're no longer the place to workout Bally Total Fitness files Chapter 11 bankruptcy NEW YORK (Reuters) - Bally Total Fitness Holding Corp (Other OTC:BFTH.PK - News), one of the largest U.S. health club operators, has filed for bankruptcy protection, after struggling in recent years with membership declines and too much debt. The Chicago-based company and more than 40 affiliates filed for Chapter 11 protection from creditors on Tuesday with the U.S. Bankruptcy Court in Manhattan. Bally listed $396.8 million of assets and $761.3 million of debts as of December 31, court papers show. The company said the reorganization process will not affect memberships or operations at its more than 375 health clubs. It also intends to keep paying employees and vendors. Bally will seek approval of a "prepackaged" reorganization plan supported by holders of much of two bond issues. It said the plan would reduce debt by $150 million and provide $90 million of capital through a rights offering backed by affiliates of Anschutz Investment Co., Goldman Sachs Group Inc (NYSE:GS - News) and Tennenbaum Capital Partners LLC. Existing stockholders would receive nothing for their shares, Bally has said. Bally also said it lined up $292 million of financing to fund operations during and after bankruptcy proceedings. It hopes to emerge from Chapter 11 "as promptly as possible." Bally has struggled in recent years to attract new members, and in March said it expected continued membership declines through at least 2008. Among the affiliates that are reorganizing is Jack LaLanne Holding Corp., named for the fitness and nutritional expert, court papers show. Bally said Jefferies & Co. and the law firm Latham & Watkins LLP are advising it on the bankruptcy process. It said a committee of bondholders retained Houlihan Lokey Howard & Zukin Capital and the law firm Akin Gump Strauss Hauer & Feld LLP as advisers. Shares of Bally closed Tuesday at 41 cents on the Pink Sheets. http://biz.yahoo.com/rb/070801/ballytotalfitness_bankruptcy.html?.v=1 |
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MUVIRSE
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« Reply #1 on: August 01, 2007, 09:51:52 AM » |
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yep they closed down around here 3 or 4months ago LA Fitness takes all their business. |
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jaejonna
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« Reply #2 on: August 01, 2007, 09:53:41 AM » |
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noooooooooooooooooo!!!!!!!!!!! I only pay 12 bucks a month ...how can this be, there are people signing up everyday and they just got new equipment ?
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Living in your head.
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Stark
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« Reply #3 on: August 01, 2007, 09:53:59 AM » |
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noooooooooooooooooo!!!!!!!!!!! I only pay 12 bucks a month ...how can this be, there are people signing up everyday and they just got new equipment ?
hahahahahahahah |
Awesome
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rockyfortune
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« Reply #4 on: August 01, 2007, 09:56:49 AM » |
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it's about time people realized they were getting ripped off by the scheisters...
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footloose and fancy free
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jaejonna
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« Reply #5 on: August 01, 2007, 10:00:10 AM » |
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it's about time people realized they were getting ripped off by the scheisters...
I dont think its a rip off...all other gyms charge so much anyways. Im a 'lifetime member' and I started paying like 40 bucks a month but been with them since 99 now i pay a measly 12 bucks. I have enuf money to go to the gym in my building but ballys was handy cause you could travel most places and use thier gyms. fuggin Globo gym ... |
Living in your head.
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Brutal_1
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« Reply #6 on: August 01, 2007, 10:00:59 AM » |
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 It was just a matter of time...
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just not good enough
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MUVIRSE
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« Reply #7 on: August 01, 2007, 10:02:36 AM » |
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I dont think its a rip off...all other gyms charge so much anyways. Im a 'lifetime member' and I started paying like 40 bucks a month but been with them since 99 now i pay a measly 12 bucks. I have enuf money to go to the gym in my building but ballys was handy cause you could travel most places and use thier gyms. fuggin Globo gym ...
ballys is a bunch of assholes their equipment is a piece of shit and they have retarded CONTRACTS for years saying you have to pay them and go to that gym no matter what. Not only that they have memberships that allow people to go on certain days of the week?  So stupid. PLus they smell like ass and no body in shape or motivating what so ever goes there.. place is like a stuffy fat camp. |
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jaejonna
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« Reply #8 on: August 01, 2007, 10:05:16 AM » |
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ballys is a bunch of assholes their equipment is a piece of shit and they have retarded CONTRACTS for years saying you have to pay them and go to that gym no matter what. Not only that they have memberships that allow people to go on certain days of the week? So stupid. PLus they smell like ass and no body in shape or motivating what so ever goes there.. place is like a stuffy fat camp. I guess if you put it that way, but I dont have the M,W,F, Sat & Sun membership ... |
Living in your head.
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thisiskeith12
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« Reply #9 on: August 01, 2007, 10:15:54 AM » |
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Bally listed $396.8 million of assets and $761.3 million of debts as of December 31, court papers show.
Who the hell is running that show? |
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Brutal_1
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« Reply #10 on: August 01, 2007, 10:17:15 AM » |
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ballys is a bunch of assholes their equipment is a piece of shit and they have retarded CONTRACTS for years saying you have to pay them and go to that gym no matter what. Not only that they have memberships that allow people to go on certain days of the week? So stupid. PLus they smell like ass and no body in shape or motivating what so ever goes there.. place is like a stuffy fat camp. LOL, I didn't know they were all like that, which one did you go to??? |
just not good enough
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onlyme
Time Out
Getbig V
Posts: 19391
Don't Fuck With Bears
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« Reply #11 on: August 01, 2007, 11:22:57 AM » |
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Wondering how long 24 hour fitness can last being in the red so long. They have a lot of clubs and spend a lot of money opening them. They are all corporate gyms. I mean these guys spend $5 million to open a club and how long does it take to make that back.
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MUVIRSE
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« Reply #12 on: August 01, 2007, 11:27:48 AM » |
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LOL, I didn't know they were all like that, which one did you go to???
I never went to any of them but because I was working for LA Fitness I went and searched the difference between what we had to offer vs bally vs 24hr vs local etc.. |
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The_Punisher
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« Reply #13 on: August 01, 2007, 11:28:24 AM » |
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LA Fitness must be doing something good. I saw one opened in my area 2 months ago, and that beoouch is packed every freaking day
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MUVIRSE
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« Reply #14 on: August 01, 2007, 11:34:11 AM » |
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Wondering how long 24 hour fitness can last being in the red so long. They have a lot of clubs and spend a lot of money opening them. They are all corporate gyms. I mean these guys spend $5 million to open a club and how long does it take to make that back.
They are all on loans. The large gym chains that ride on their EFT to expand can all eat shit just like Ballys did. All it has to take is another gym chain to take a good amount of their members and they will seriously eat shit like no other they have no back up unless they are an LLC like La Fitness. What they do is they go to investors and banks and show them the monthly income through electronic funds transfer that they recieve from the members and say see? This is how much money we have coming in EVERY month we are good for the loan! They also show them a dash report which shows the projection of of a mixed amount of variables from the past 3 months and current status and based on that they get money to open up more clubs. Problem is, that EFT base is so unstable... there is such a ridiculous wash and soo much fraudulous shit going on. I am about to recieve an ok piece of change from LA Fitness because they are settling against a class action law suit. Most of the counselors and directors are such criminals they cheat people into buying those memberships and training packages and illegally bill their account which makes the numbers look ridiculously inflated. |
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MUVIRSE
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« Reply #15 on: August 01, 2007, 11:35:14 AM » |
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LA Fitness must be doing something good. I saw one opened in my area 2 months ago, and that beoouch is packed every freaking day
They are true sharks. Think about the sleeziest greasiest oldest and most experienced salesman calling all the shots and teaching and influencing young kids to do whatever the fuck they want them to. |
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willie mosconi
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« Reply #16 on: August 01, 2007, 11:51:16 AM » |
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there is one in west LA off of Venice Blvd. near Overland that isn't too bad. Actually has decent equipment.
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MUVIRSE
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« Reply #17 on: August 01, 2007, 11:53:33 AM » |
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there is one in west LA off of Venice Blvd. near Overland that isn't too bad. Actually has decent equipment.
they have very good equipment. Lots of variety and its consistent in every club. the facilites are super clean. |
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willie mosconi
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« Reply #18 on: August 01, 2007, 11:59:45 AM » |
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they have very good equipment. Lots of variety and its consistent in every club. the facilites are super clean.
yeah, my gf works out at ballys. i went with her one time. of course their equipment isn't close to the level of gold's, but it isn't bad either. the only things i didn't like are that the dumbbells only go up to 110 or something (which isn't a problem for me now, but might be someday soon) and their leg press is kinda shitty |
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LurkerNoMore
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« Reply #19 on: August 01, 2007, 12:03:35 PM » |
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Years ago, I ended up having to go to the sheriff's office and file Theft and Fraud charges against them. Bunch of crooks.
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willie mosconi
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« Reply #20 on: August 01, 2007, 12:39:37 PM » |
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Years ago, I ended up having to go to the sheriff's office and file Theft and Fraud charges against them. Bunch of crooks.
what did they do to you? elaborate please |
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HUGEPECS
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« Reply #21 on: August 01, 2007, 01:03:29 PM » |
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Bally's has screwed up people real good in the past. Fcuk them. I hope they never recover. period
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Get Big, or Die Trying
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tweeter
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« Reply #22 on: August 01, 2007, 01:41:57 PM » |
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That is pitiful...-$364.5 million in shareholder equity |
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Chico_Holiday
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« Reply #23 on: August 01, 2007, 02:05:15 PM » |
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That is pitiful...-$364.5 million in shareholder equity
Someone took notes in Accounting 101............A = L + S/E |
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tweeter
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« Reply #24 on: August 01, 2007, 02:06:46 PM » |
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Someone took notes in Accounting 101............A = L + S/E Correct; this is one of the lowest equity numbers I can remember seeing. |
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