Neda's FotoPage

By: Neda Cortez

[Recommend this Fotopage] | [Share this Fotopage]
View complete fotopage

Friday, 15-Aug-2014 13:21 Email | Share | Bookmark
Spending Treadmill Hits Town Sports Where It Hurts - Forbes

Caught in the middle, mid-tier operator Town Sports has disclosed a series of disastrous earnings reports, includingyear-over-year adjusted EBITDA declines of around 41 percent in both the first and second quarters of this year.Town Sports operates 165 facilities including NYCs ubiquitous New York Sports Clubs , as well as clubs similarly named for their host cities of Boston , Washington DC and Philadelphia . The companys $320 million bank loan, issued just last year, has lost market value and is now trading at around 90 cents on the dollar, sources told Debtwire . Meanwhile, Town Sports stock has tumbled dramatically this year, shedding 73 percent of its market capitalization since January. While the company has hit a rough patch, its not because demand for workout services has waned. Total Total health club revenue nearly doubled in the US since 2000, growing from $11.6 billion to $22.4 billion in 2013, according to . And while the number of health clubs hovered around the 30,000 mark from 2008 to 2012, it jumped in 2013 , growing 5.4 percent to 32,150 clubs, the stats website said. <br>Full resource story:

View complete fotopage

© Pidgin Technologies Ltd. 2016