ADVERTISEMENT
Thursday, February 25, 2021
  • Contact Us
My blog
  • Home
  • Health
  • Medicine
  • Nutrition
  • Fitness
  • Diet
  • Weight Loss
  • More
    • Mental Health
    • Healthcare
No Result
View All Result
  • Home
  • Health
  • Medicine
  • Nutrition
  • Fitness
  • Diet
  • Weight Loss
  • More
    • Mental Health
    • Healthcare
No Result
View All Result
My blog
No Result
View All Result
Home Fitness

Steve Nash Fitness World hunts for buyer

Healthy by Healthy
April 24, 2020
in Fitness
0
Steve Nash Fitness World hunts for buyer
587
SHARES
3.3k
VIEWS
Share on FacebookShare on TwitterPin It


The company behind Steve Nash Fitness World and Sports Clubs (SNFW), which owes more than $35 million to creditors, has put the business up for sale.


Under protection from its creditors, the company plans to seek out prospective purchasers and investors for its chain of more than 27 fitness locations.


SNFW Fitness B.C. Ltd. sought creditor protection on April 3, owing more than $35 million to creditors.


According to an initial report from trustee The Bowra Group Inc., SNFW Fitness board directors have determined the company is not a viable business without a significant equity injection.


Directors estimate more than $10 million would be needed to cover the company’s costs and estimated losses until the COVID-19 lockdown ends, excluding rent and lease obligations, and assuming government restrictions are lifted in August. That is in addition to $32 million owing to the Bank of Montreal, a secured creditor, and approximately $3.4 million owing to unsecured creditors.


SNFW Fitness also owes around $1.5 million to landlords on 32 leased locations for rent due in April. None of them were paid.


“We’re going into this fully intending to have [a sale],” explained Mario Mainella, a licensed insolvency trustee with The Bowra Group. He added that even with an extension, the sales process will take place in a short timeframe. 


“The cash burn rate is quite high and the bank’s going to have to fund that,” Mainella told BIV.


“What this whole process is trying to do is maximize the positive impact in terms of recovery to creditors, a landlord having a tenant, employees having the opportunity of going back to work and members having their membership and whatnot honoured by prospective purchasers.”


SNFW Fitness had 30 days to file a proposal to creditors or ask for an extension after filing a notice of intention to file a proposal on April 3. Had the company done neither by May 3, it would have automatically been deemed bankrupt, and SNFW Fitness is not in a position to may a proposal to its creditors in less than two weeks, according to the trustee.


The Bowra Group’s first report states SNFW Fitness has engaged MNP Corporate Finance Inc. through the trustee to start a tender bid sales process. The deadline for offers will be May 20, subject to court approval of the sales process, with a sales agreement executed by May 28.


At present, court documents list creditors who are owed $250 or more. The list excludes landlords, and Mainella says discussions are ongoing with all landlords to negotiate rent relief.


Amounts owing to employees – such as severance – or to customers who pre-paid for memberships have not yet been accounted for, but Mainella confirmed that amendments will have to be made to reflect what may be owed to both groups.


“If there is a purchaser at the end of this, which we believe there will be, they will likely work with the customers in order to honour what was paid – we hope. That is up to them, but that would make smart business sense.”


The trustee’s report, submitted this week, confirms that SNFW Fitness has laid off all its staff except for six key personnel. The company normally employs around 1,300 individuals. Former employees have told BIV that they have not received severance. 


 

Source link

You might also like

Blue Jays’ Guerrero Jr. impresses with change in mentality, improved fitness

New Fitness Center, an outdoor gym, opens at Rancho Cucamonga park – Daily Bulletin

55 Covid-19 Cases Linked To One Fitness Facility In Chicago

Previous Post

PHF sends Ramazan diet plan, training schedule to players

Next Post

Advice Offered On Mental Health During Coronavirus Crisis | Falmouth News

Healthy

Healthy

Related Posts

Blue Jays’ Guerrero Jr. impresses with change in mentality, improved fitness
Fitness

Blue Jays’ Guerrero Jr. impresses with change in mentality, improved fitness

by Healthy
February 25, 2021
New Fitness Center, an outdoor gym, opens at Rancho Cucamonga park – Daily Bulletin
Fitness

New Fitness Center, an outdoor gym, opens at Rancho Cucamonga park – Daily Bulletin

by Healthy
February 24, 2021
55 Covid-19 Cases Linked To One Fitness Facility In Chicago
Fitness

55 Covid-19 Cases Linked To One Fitness Facility In Chicago

by Healthy
February 24, 2021
Arsenal team news: Gunners wait on Partey fitness test ahead of crucial Benfica clash
Fitness

Arsenal team news: Gunners wait on Partey fitness test ahead of crucial Benfica clash

by Healthy
February 24, 2021
Fitness studio using new technology to help clients
Fitness

Fitness studio using new technology to help clients

by Healthy
February 24, 2021
Next Post
Advice Offered On Mental Health During Coronavirus Crisis | Falmouth News

Advice Offered On Mental Health During Coronavirus Crisis | Falmouth News

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

As self-harm rises, Children’s Wisconsin adds mental health team to ER

As self-harm rises, Children’s Wisconsin adds mental health team to ER

May 28, 2020

Health experts question Pence campaigning as essential work

October 25, 2020

Categories

  • Diet
  • Fitness
  • Health
  • Healthcare
  • Medicine
  • Mental Health
  • Nutrition
  • Weight Loss

Don't miss it

Cone Health encouraging seniors to get vaccinated.
Health

Cone Health encouraging seniors to get vaccinated.

February 25, 2021
For Junior Faculty, Pandemic Requires a Careful Balancing Act
Medicine

For Junior Faculty, Pandemic Requires a Careful Balancing Act

February 25, 2021
Health Care Budget Facing Cuts Under Cuomo’s Proposal
Healthcare

Health Care Budget Facing Cuts Under Cuomo’s Proposal

February 25, 2021
Mental Health on the Mind – The University News
Mental Health

Mental Health on the Mind – The University News

February 25, 2021
Blue Jays’ Guerrero Jr. impresses with change in mentality, improved fitness
Fitness

Blue Jays’ Guerrero Jr. impresses with change in mentality, improved fitness

February 25, 2021
Can your diet influence your blood sugar levels? Here are some diabetes-friendly diets that you can follow
Diet

Can your diet influence your blood sugar levels? Here are some diabetes-friendly diets that you can follow

February 25, 2021
My blog

All the latest breaking news on Healthy Eating. Browse The Independent's complete collection of articles and commentary on Healthy Eating

Categories

  • Diet
  • Fitness
  • Health
  • Healthcare
  • Medicine
  • Mental Health
  • Nutrition
  • Weight Loss

Trending

Local healthcare workers explain pandemic’s toll on mental health

Plant based diet may ease painful skin ulceration of baffling blood vessel disorder

Center for Psychedelic Medicine Established at NYU Langone Health

Natural remedies for inflammation: Foods, supplements, and more

Recent News

Cone Health encouraging seniors to get vaccinated.

Cone Health encouraging seniors to get vaccinated.

February 25, 2021
For Junior Faculty, Pandemic Requires a Careful Balancing Act

For Junior Faculty, Pandemic Requires a Careful Balancing Act

February 25, 2021

© 2020 eathealthyandlivehealthy.com

No Result
View All Result
  • Home
  • Health
  • Medicine
  • Nutrition
  • Fitness
  • Diet
  • Weight Loss
  • More
    • Mental Health
    • Healthcare

© 2020 eathealthyandlivehealthy.com

//whugesto.net/afu.php?zoneid=3399210