Bally Posts Second Quarter Loss

CHICAGO -- Bally Total Fitness is seeking capital and looking for ways to increase financial flexibility following the ousting of its CEO and tabling plans to sell the company. The fitness chain reported that it is at risk of defaulting on its credit agreement on a recent conference call. Bally also announced a year-over-year decline in new members and a 2 percent slip in second quarter revenues. After the second quarter filing, the company’s shares dropped to an all-time low of $2.17 on the New York Stock Exchange.