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MoneySunday, August 19, 2007 11:25 PM CDT
Gold's Gym shapes up facility, finances
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BLOOMINGTON -- As it works on the finishing touches of its renovation project, the company that owns Gold's Gym emerged from bankruptcy.

Morine Inc.'s Chapter 11 case was dismissed and the company received a $5.6 million refinancing and new financing package with lender CEFCU on Thursday, said attorney Jonathan Backman, who represents John Morgan and David Horine of Morine Inc., the company that owns the workout facility at 11 Currency Drive, Bloomington.

"It's a huge step forward in the rebirth of the gym that began back in January," Backman said Friday.

Morine Inc. filed for bankruptcy in November and settled part of its debt in a court settlement in January with Larry Hundman of MMA III, LLC, which had taken over gym operations from Morine in November 2004 after a financial dispute. Typically Chapter 11 bankruptcies involve reorganizing debt and creating repayment plans.

Morine Inc. resumed management of the gym at the time of the settlement last winter and began a $260,000 upgrade then, as well.

Last month, Gold's Gym opened its new entrance and brought in new cardiovascular machines, Backman said. The gym also has received new bicycles and weights, new flooring, a paint job and an upgraded computer system this year, he said.

Gold's Gym still hopes to buy another $100,000 to $200,000 worth of new equipment, Backman said.

Plus, work remains to be done on a pool remodel. That work should start in September and be completed by early November, Backman said.

Take a look
With no one else in the gym, Bonnie Walter works out on an eliptical trainer at Gold's Gym at 3:45 a.m. She is nearly finished with her workout by the time people begin to arrive. (Pantagraph File Photo/LORI ANN COOK)
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Reader comments on this story - 19 total

Note: All views and opinions expressed in reader comments are solely those of the individual submitting the comment, and not those of the Pantagraph or its staff.

CPCforlife wrote on Jul 30, 2008 8:04 PM:

" I've been a member of Gold's Gym for 3 years. Recently they sent me a letter telling me that they are going to charge my credit card for a new "annual new equipment fee." Knowing that I did not sign a membership agreement to pay that fee I called them but was told by a Gold's Gym employee that in my agreement it says, "this agreement does not include the annual new equipment fee." I suppose to them this means that they can add an annual fee at anytime and for any price that is up to them. I'd rather keep the old equipment but get genuine people to own the gym. "

Zak wrote on Sep 2, 2007 9:03 PM:

" My dad has put in so much work on this gym. Instead of just hiring an expensive contractor to renovate the gym, he enlisted the help of friends and did a lot of the work himself. I can't wait until I start working there. "

What about wrote on Aug 23, 2007 8:05 PM:

" the way Kathy dresses? I wish all of them looked more professional "

Nice and not rude wrote on Aug 20, 2007 3:09 PM:

" Sorry to all who have had bad experiences. Im staff here and have never been rude to anyone and I try to smile and at least say hi when I walk by people. Im also a trainer here and am not rude. I apologize for all the rude trainers that you have encoutered. Hope you gym experience becomes better. "

To John, David & Kathy wrote on Aug 18, 2007 5:23 PM:

" Why on earth did you put that ring in the middle of the main floor? I have yet to see anyone use it (I go in the 6:00 - 7:30 AM time slot), and personally would like to, just not in front of everyone else. That would be like having the fitness classes in the ring. Move the ring to the basketball court that is rarely used... or better yet, the pool. "

John Morgan wrote on Aug 18, 2007 2:13 PM:

" John, David & Kathy thanks all the loyal members who have stood by us as we once again turn Gold's Gym into the # 1 club for changing your life. We have received a huge response for all the new equipment that was recently delivered and all the exciting new programs! Our renovation is not over yet! Many great changes in the works including renovating the pool and much more equipment! Thank you! "

bob wrote on Aug 18, 2007 1:53 PM:

" The trainers can be rude, the fat bald guy who thinks he is the strongest guy in the world gives everyone there attitude. But having the old entrance open again is nice and the new cardio equip is much better than the old stuff. "

Agree wrote on Aug 18, 2007 1:38 PM:

" I love the new equipment, but the staff has to go. It must be a really fun place to work though because the front desk staff loves having hours long conversations with their groupies over smoothies while ignoring every other member. "

I love wrote on Aug 18, 2007 7:47 AM:

" Gold's, they have great classes and I think the staff is very friendly. "

Staff? wrote on Aug 18, 2007 6:33 AM:

" What difference does the staff make really? You sighn up, show the card and maybe buy something from the juice bar. I wouldn't trust any of those bozos for training advice so that doesn't matter, you're paying for use of the facility. "

Um, wrote on Aug 17, 2007 10:53 PM:

" Yeah, most of the staff there is rude and snotty. Sorry but it's true. "

Ha Ha wrote on Aug 17, 2007 10:09 PM:

" I blame their lack of business on the smoking ban. It just hasn't been the same since my right to smoke while bench pressing were stripped away. "

iamamember wrote on Aug 17, 2007 8:44 PM:

" I am a member and have been for 2 years, the upgrade was really needed!.. the staff is still rude!! "

Haha.. wrote on Aug 17, 2007 5:46 PM:

" I am a member of Gold's Gym, and you guys that are posting obviously haven't been there recently. They just got a bunch of brand new equipment, and it's very nice. The staff is very friendly to me, and everyone else there when I go in. Just because they don't talk to you doesn't mean they are rude, they are working and busy people. Have you ever initiated a conversation? Probably not with the way you're talking. And it's your own fault that they charged you for the extra months because you came in late. They say at the beginning when you first sign up when the monthly due comes out of your checking account. If they were taking money out, then just get up off your butt and work out there until your membership ends! "

to yuck is right wrote on Aug 17, 2007 5:34 PM:

" sounds liek you should have looked at your contract, i mean god forbid you should read what you sign "

Yuck is Right! wrote on Aug 17, 2007 4:19 PM:

" I totally agree. I was a member at one time and I spent half of my time there looking for a machine that worked properly, not too mention the rude staff. I had them taking my dues out of my checking account and when I went to cancel my membership, I had missed the deadline by 2 days and they continued to charge me for 2 more months. The rude staff wouldn't help me out and said check out your contract. What a rip. It was a bad experience all the way around. "

yuck wrote on Aug 17, 2007 3:46 PM:

" Gold's Gym is lousy and the management is worse. The gym has old equipment and over chlorinates their pool. It is never clean and is a joke. "

Yikes! wrote on Aug 17, 2007 3:38 PM:

" Could never figure out how they got in trouble financially. It's by far the most expensive gym in town, and it was always crowded so I assumed they had plenty of members. "

Must Be nice wrote on Aug 17, 2007 3:20 PM:

" to use the banks money! Nice waterfall, good use of funds. "

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