Posted: Fri, January 3 2014 at 6:59 PM, Updated: Sun, January 5 2014 at 1:08 AM
Oz Fitness files for chapter 11 bankruptcy. So what does this mean for the clubs members and its employees?
NBC 5 talked with the CEO of Oz Fitness, Ian Riley, Friday. He did confirm the bankruptcy filing but insists they're doing everything they can to keep the doors open.
Oz fitness Oregon, the company that owns the Oz Fitness club in the Medford Center, says it is attempting to restructure under chapter 11 bankruptcy protection, which it filed for in late 2013.
Riley claims the amount they pay to lease the building is well above market value and in order to keep the doors open that lease needs to be re-negotiated.
The Medford fitness club reportedly employs about 20 people. Riley declined to tell us how many members it has but he says membership dues are paid on a month to month basis not annually.
Riley says he's confident the doors will stay open we'll have more on this story as we get it.