The sale was approved in a hearing before U.S. Bankruptcy Judge Robert Gerber on Monday in U.S. Bankruptcy Court in Manhattan. The formal order for the sale is expected to be submitted soon, says Shmuel Vasser, the attorney from Dechert LLP, which is representing Crunch.
“We expect the order to be submitted and signed shortly and the transaction to close by the end of the month,” Vasser tells Club Industry’s Fitness Business Pro.
NEFC was founded by Mark Mastrov and Jim Rowley. Angelo, Gordon & Co. is the private equity firm that bought Crunch in 2005.Upon completion of the sale, Mastrov, the founder of 24 Hour Fitness, and Rowley, a former 24 Hour co-president, will serve as chairman and vice chairman of the board of directors, respectively, of Crunch.