|
|
|
MailTribune.com
  • Deal in the works could keep Medford Center gym open

  • There's a deal in the works that might keep the fitness gym in the Medford Center open.
    • email print
      Comment
  • »  RELATED CONTENT
  • There's a deal in the works that might keep the fitness gym in the Medford Center open.
    An attorney representing International Fitness said this morning he is working with an Oz Fitness attorney and the U.S. Bankruptcy Court trustee in Eugene to transfer ownership of the assets before the scheduled closing at the end of Wednesday.
    Woodland Hills, Calif., attorney Robert Yaspan said he expects a redrafted agreement to get signed before the deadline.
    "This will be good for the customers," Yaspan said. "It's a leap of faith, but if it closes for even one day, it would be a sinking ship."
    International Fitness operates six Lane County gyms, including a former Oz Fitness site in Springfield, and one in Northridge, Calif.
    Yaspan met last week with regional representatives of Kimco Realty, the real estate investment trust that owns Medford Center, in an effort to rework the lease.
    Late last year Oz Fitness Oregon, whose only operation was in Medford, filed for Chapter 11 court protection. Oz Fitness owner Ian Riley said the primary reason for the bankruptcy filing was because Kimco wouldn't rework the lease agreement inherited when he acquired the Medford and Springfield gyms from 24-Hour Fitness in 2004.
    Earlier this month, Riley announced the Medford gym would close on April 30, putting its employees out of work and leaving thousands of members without a training site.
    — Greg Stiles
Reader Reaction

      calendar