Chicago-based Bally Total Fitness is out of shape financially—they just filed chapter 11 bankruptcy after struggling to attract new members.

The company says that members and employees of its 375 clubs will not be affected by the bankruptcy, according to Reuters. According to the court papers Ballys has $396.8 million of assets and $761.3 million of debts.

Ouch.

Bally Total Fitness files Chapter 11 bankruptcy [Washington Post]

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