GoodLife eyes takeover of Extreme Fitness
A woman works out at an Extreme Fitness location in Toronto on Wednesday, January 9, 2013. (Michelle Siu/ THE CANADIAN PRESS)
Published Saturday, February 9, 2013 11:57PM EST
GoodLife Fitness says it has entered into a letter of intent with competitor Extreme Fitness to acquire the financially troubled health club chain.
GoodLife announced its interest in taking over the Toronto fitness chain in a press release issued Saturday night.
In the release, GoodLife said it would retain most of Extreme’s staff and make an effort to proceed without interrupting the routines of members. GoodLife also said Extreme members would gain access to all GoodLife clubs across Canada if a deal were to go through.
Extreme has 13 locations throughout the Greater Toronto Area and it website says the chain has more than 100,000 members. The move would bolster GoodLife’s membership count, bringing its total to more than 850,000 across the country.
However the deal would still need court approval to proceed.
The move comes two days after a court granted Extreme temporary protection from its creditors Feb. 7 in order to allow it time to restructure.
GoodLife is already the largest fitness chain in Canada, with over 300 locations across the country.
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