Bally's Not Working Out?

Joe.My.God links to a New York Post article that reports that Bally Total Fitness is close to filing for bankruptcy. Apparently, Bally's sold Crunch last year for $45 million and their stock has fallen from $8 in June 2006 and is now trading at $0.31, with over $800 million in debt.

I've been a member of Bally's since at least 1994 and now pay something like $12 a month for membership. However, I joined 24 Hour Fitness in 2000 because I wanted more flexibility in the gyms I could go to when I was travelling on the west coast. Now I go to 24 about twice as often as I go to Bally's even though Bally's is about a 5 minutes drive closer.