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Bally Fitness Could Sell Some Assets

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Feb 4, 2005 9:29 am US/Central

Bally Fitness Could Sell Some Assets

CHICAGO (AP) ― Chicago-based Bally Total Fitness has hired a firm to come up with a turnaround strategy that could include the sale of some assets.

But Bally chairman and CEO Paul Toback says they're not planning a sale of their core business. Bally has nearly 440 health clubs and is the biggest operator of fitness centers in the United States with 4 million members.

Toback says hiring the Blackstone Group to help with turnaround efforts isn't a precursor to bankruptcy. He says the company still has a lot of potential.

Bally hasn't filed financial statements since the first quarter of last year, and it's facing $725 million in debt.

(© 2005 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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