Bally Total Fitness Faces NYSE Delisting
Chain Struggles to Provide Timely Reports to SEC
Yet more bad news for Bally Totally Fitness franchise chain. Reuters reports that the New York Stock Exchange may delist the company's shares. This latest announcement followed Bally's statement a couple of weeks ago that it may need to file Chapter 11 for bankruptcy, followed by a 60% plunge in stock value. Its stocks were suspended on the exchange.
At the heart of the problem for the delisting is that the fitness chain does not know when it will file its annual report. It continues to struggle to get its statements to the SEC on time. (Its last quarterly 10-Q report was in Nov '06).
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