Bally Total Fitness - Two times
Bally Total Fitness, a Chicago-based chain of more than 300 health clubs, filed its second Chapter 11 in less than two years last December, citing a heavy debt load and the credit crisis.
Bally, which recently won approval for a reorganization plan that would enable it to emerge from bankruptcy, isn't the only gym that needs to trim some fat: its competitor Crunch Fitness also filed for bankruptcy this spring.
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