Business Services Industry
Critics now in charge at Bally: So what's the plan? Stock of beleaguered gym chain still trading under $3 a share.(Bally Total Fitness Holding Corp.)
Crain's Chicago Business, January, 2007 by Meyer, Gregory
Byline: GREGORY MEYER A year after two hedge funds besieged Bally Total Fitness Holding Corp.-trying to shake up management of the ailing fitness club chain-the activist investors are now running the company. Now what? Seven months after hedge fund manager Emanuel Pearlman agitated to remove Bally Chairman and CEO Paul Toback, the executive quit in August.
Mr. Toback's replacements: acting CEO Barry Elson and interim Chairman Don Kornstein, board members with the backing of another hedge fund manager, Karim Samii, and his New York-based Pardus Capital Management. But the new bosses face the same problems that plagued Mr. Toback: fickle club members, declining profit and debt as weighty as an overloaded barbell. Chicago-based Bally's stock trades below...
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