CHICAGO—Bally Total Fitness is now focusing on seeking capital and looking for ways to increase financial flexibility. The fitness chain, which has been unable to sell the company, reported a year-over-year decline in new members and a 2 percent slip in second quarter revenues during a Sept. 12 conference call. The company also reported that it is at risk of defaulting on its credit agreement. Following the second quarter filing, the company’s shares dropped to an all-time low of $2.17 on the New York Stock Exchange.