Raleigh, Nc — Peak Fitness and North Carolina Attorney General Roy Cooper reached another settlement last month after Cooper filed a lawsuit against the troubled club company for not having the required bonds in place.
Under the settlement agreement, Peak Fitness and its owner, Jeffrey Stec, are not allowed to sell prepaid memberships until the company gets bonds for each health club. Peak Fitness can continue to operate but can only collect money from customers who pay month to month for their memberships.
In March, Cooper's office received notification that Peak Fitness' bonding company was cancelling all of Peak Fitness' bonds. Peak Fitness has not been able to secure replacement bonds, which are required by state law.
In January, Cooper's office and Peak Fitness reached a settlement in which the company agreed to alter its business practices.
Eighty percent of people surveyed said that having an exercise partner would help them adhere to an exercise plan.
Source: StrategyOne on behalf of 24 Hour Fitness.