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NEWSWIRE
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Bid to save a club comes up short |
05.01.2008
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NEEDHAM, Mass. - It seemed like an uplifting tale several weeks ago when members of a local health club chipped in money to rescue their debt-ridden gym. But the story took a different turn last month when one of those members - a major contributor - pulled out of the deal, prompting the club to shut its doors.
The Needham Times said the troubles for Healthfit began in 2003, when John Atwood, who owned and operated the gym with his wife for eight years, was hospitalized for seven months with a flesh-eating disease. The ordeal wiped out the couple's savings, and when Healthfit's revenues dipped early this year, the club couldn't pay roughly $200,000 in bank debt. Members offered between $300 and $1,000 apiece to buy a share of the business and pay the debt, but the deal fell apart when the key investor backed out.
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Atwood told the Times there was an "outside chance" of reopening the facility if talks with another investor came together.
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