Crossgates Bally fitness store still open despite corporate bankruptcy
The Bally Total Fitness store at Crossgates Mall in Guilderland will be open while the corporate parent restructures its finances in U. S. Bankruptcy act.
"We're open as usual," operations manager Darrin Powell said Wednesday a day after filed for Chapter 11 bankruptcy protection in federal act in the Southern govern of New York.
According to the company Web place. Bally will act normal operations and member services during the restructuring. Bally intends to pay employee salaries and benefits without interruption and intends to pay vendors in the normal cover of business.
Bally Total Fitness has more than 400 locations in the United States the Caribbean. Mexico. South Korea and China.
"The Chapter 11 financial restructuring enables us to strengthen our fit pelt while providing us with capital to make necessary investments in our clubs and facilities to better answer our valued members as well as attract new members," Don R. Kornstein interim chairman and chief restructuring command said in a prepared statement. "This is a positive step to verify Bally's future success and we acknowledge the support and flexibility of our senior and senior subordinated say holders. Importantly the process allows us to continue normal business operations. Members employees and vendors ordain not be adversely impacted."
The company is trying to reduce its debt and improve its cash lay. In May the affiliate announced a intend to reduce outstanding debt by $150 million reduce cash interest depreciate by as much as $29 million annually and secure $90 million in capital through the issuance of new senior subordinated notes.
Sponsored by Solid foundation: The family business is off to a strong start. Sponsored by
Educating customers: They can't buy if they don't know.
Sponsored by Reinvention: Faced with recession his firm rebuilt itself.
Starting over: This tech vet loves a startup.
Exec pay: He injects rationality into pay decisions.
Price: $3,077,500Building Size: 4,017 SF Use Type: Sale
Get the latest local business news delivered to your inbox.
Find local business services by clicking on a category
Use of registration on this site constitutes acceptance of our. Please read our
A publishing furnish with
© 2007 American City Business Journals. Inc and its licensors. All rights reserved. The material on this site may not be reproduced distributed transmitted cached or otherwise used except with the prior written permission of bizjournals.
Forex Groups - Tips on Trading
Related article:
http://feeds.bizjournals.com/~r/bizj_albany/~3/139675615/daily26.html
comments | Add comment | Report as Spam
|