NEW YORK -- Town Sports International, which had planned to start trading on May 25 has delayed its initial public offering. As of press time, the company had not returned calls to detail when trading would begin or why the delay occurred.

TSI plans to sell 10 million shares of the company at $14 per share, according to an announcement detailing further plans for the company’s initial public offering. The company will sell 7.65 million of the 10 million shares. The remaining shares will come from current stockholders. TSI estimates $97.2 million of the net proceeds to the company from this offering, together with cash on hand of approximately $53.8 million, will be used “to consummate the tender offer for up to $85 million aggregate principal amount of TSI’s senior notes, redeem up to 35 percent of senior discount notes and pay related fees, premiums and expenses.”

The company’s stock will be listed on Nasdaq as CLUB.

The company plans to expand in its existing Northeast markets—Boston, New York, Philadelphia and Washington, according to comments from Robert Giardina, CEO, during a roadshow on May 15. The company plans to remain aggressive in corporate and family memberships, he said. He said the company’s goal was to open 10 clubs per year with the possibility of operating 350 clubs in the Northeast within a few years. The company currently owns 145 clubs under the names Boston Sports Clubs, New York Sports Clubs, Philadelphia Sports Clubs and Washington Sports Clubs.

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