Town Sports International Holdings, Inc. Announces Appointment of Chief Executive Officer & Departure of Chief Operating Offi...
September 21 2016 - 4:30PM
Business Wire
On September 21, 2016, Town Sports International Holdings, Inc.
(“TSI” or the “Company”) (NASDAQ:CLUB), one of the leading owners
and operators of health clubs located primarily in major cities
from Washington, DC north through New England, operating under the
brand names “New York Sports Clubs,” “Boston Sports Clubs,”
“Washington Sports Clubs,” “Philadelphia Sports Clubs” and “BFX
Studio,” announced that Patrick Walsh, Executive Chairman of the
Company, has been appointed as the Company’s Chief Executive
Officer, effective September 30, 2016. The Company also announced
that Greg Bartoli, the Company’s Chief Operating Officer, will be
leaving the Company, effective September 30, 2016.
Patrick Walsh, Executive Chairman of the Company stated, “In
order to continue our strategic efforts to evolve as a more
efficient and streamlined organization, I will assume the role of
Chief Executive Officer of the Company effective September 30, 2016
and we will merge the roles of chief operating officer and chief
executive. Greg joined TSI over a year ago and contributed his
extensive financial and entrepreneurial expertise to strengthening
our organization. As a result of Greg’s time at TSI, we are a
leaner, more efficient and more profitable organization. Greg lead
the way towards strengthening club financials, exploring new
business ventures, renegotiating our leases and strengthening our
balance sheet while engaging in organizational changes that allowed
for stronger club leadership. These initiatives led to more than
$40 million of savings annually and significant increases in the
Company's EBITDA. I am extremely proud that these accomplishments
were achieved in less than 12 months time.”
About Town Sports International Holdings, Inc.:
New York-based Town Sports International Holdings, Inc. is one
of the leading owners and operators of fitness clubs in the
Northeast and mid-Atlantic regions of the United States and,
through its subsidiaries, operated 149 fitness clubs as
of June 30, 2016, comprising 102 New York Sports
Clubs, 27 Boston Sports Clubs, 12 Washington
Sports Clubs (one of which is
partly-owned), five Philadelphia Sports Clubs,
and three clubs located in Switzerland. These clubs
collectively served approximately 551,000 members as
of June 30, 2016. In addition, the Company also
owned two BFX Studio locations and had one partly-owned
club that operated under a different brand name in Washington, D.C.
as of June 30, 2016. For more information on TSI,
including the Company's Form 10-Q for the quarterly period
ended June 30, 2016, visit http://investor.mysportsclubs.com.
From time to time the Company may use its Web site as a channel
of distribution of material company information. Financial and
other material information regarding the Company is routinely
posted on and accessible at http://investor.mysportsclubs.com. In
addition, you may automatically receive email alerts and other
information about the Company by enrolling through the “Email
Alerts” section at http://investor.mysportsclubs.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20160921006479/en/
Town Sports International Holdings, Inc., New
YorkInvestors:917-765-9974Investor.relations@town-sports.com
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