- Abu Dhabi Will Aid Debt-Fraught Dubai 'Case by Case'
- Banks With The Biggest Exposure to The UAE
- Dubai's Debt Woes Signal New Era for Creditors
- Next Week: Cash In Now Or Wait For A Santa Rally?
- Dubai Stock Selloff May Bring Buying Opportunity
- Longer Lines, Fuller Carts This Black Friday
- Big US Banks May Be Forced to Raise Capital: Bove
- Bank of America Amends Pay for Senior Executives
- Tiger Woods Out of Hospital After Accident
- U.S. Stocks Fall on Dubai Worries
- Black Friday at Best Buy
- Strategists on Dubai: Avoid 'Rash Moves' Now
- Longer Lines, Fuller Carts This Black Friday
- Dubai Stock Market Fear Has 'Legs': Dennis Gartman
- Obama's Emission Reduction Pledge Paints Future for Autos
- Is Super Bowl Halftime Act Too Old?
- Surprising Options Trades in TiVo Shares
- EA Sports Hopes to Pump Up Sales Through Pop-Up Locations
MOST SHARED
Text Size 
Gym operator Bally Total Fitness Holding
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 [BFT
Loading...
()
] 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%, 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% in the last year.
Print
Email
- These four sectors will be the next to lead the market.
- Zhu Zhu Pets are this year's must-have toy, fetching $40 or more on eBay.
- From the why-didn’t-I-think-of-that file, we present Jason Sadler, a man whose job is wearing T-shirts.
- It may be the most unusual guide to business you'll read.
- Shopping for a gadget hound? The choices can be baffling. Here are a few that should be a hit.
- "The Who" will be the halftime act for Super Bowl XLIV on Feb. 7 in Miami. Is the NFL behind the times?
Data is a real-time snapshot *Data is delayed at least 15 minutes