Business

Bally to sell 39 clubs to Blast Fitness

Posted April 11, 2012 11:45 am

PRNewswire

Chicago’s Bally Total Fitness Holding Corporation said it plans to sell 39 of its Fitness Centers to Blast Fitness Acquisition LLC, an affiliate of Blast Fitness Group.

Terms of the sale were not announced.

The clubs to be acquired by Blast are located in Boston, MA; Buffalo, NY; Charlotte, NC; Fresno, CA; Milwaukee, WI; Providence, RI; St. Louis, MO; Connecticut and Texas. Blast said it will honor all Bally memberships and transferred members will enjoy reciprocal membership privileges at the remaining fitness clubs owned by Bally in other markets.

While Bally expects that the transaction will be completed by May 1, there can be no assurance as to when, or whether, the transaction will be completed, the company said in a statement. Following completion of the transaction, Bally will continue to operate its remaining fitness clubs.

J.P. Morgan Securities LLC acted as exclusive financial adviser to Bally and Wachtell Lipton provided legal advice.

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