Life Time Fitness is a chain of fitness centers (or health clubs) operating in the United States and Canada, based out of Chanhassen, Minnesota, a Minneapolis suburb. Many of its facilities operate 24/7 and feature personal trainers, salons, food courts, large child centers, and indoor/outdoor pools.
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History
In 1992, Chairman and Chief Executive Officer, Bahram Akradi, founded Life Time Fitness and has been a director since its origin. The Company was incorporated in 1990 as a Minnesota corporation under the name FCA, Ltd., and subsequently registered to use the name of Life Time Fitness in 1992. The first club opened in Brooklyn Park, Minnesota. Several locations were added to the Minneapolis-St. Paul area before the chain expanded to suburban and exurban communities in other metropolitan areas across several states. Most Life Time Fitness centers are located in exurban or fringe suburban areas in medium to large-sized metropolitan areas, with a handful of locations in central city or inner suburban areas. The oldest facility is in Eagan, Minnesota. The company in 2017 announced plans to add a new facility inside of the Southdale Mall in Edina, Minnesota replacing the former tenant J.C. Penney.
In August 2014, Life Time Fitness, a publicly traded company, began pursuing entering into a Real Estate Investment Trust (REIT) following pressure to do so from its largest shareholder, Marcato Capital Management. In March 2015, Life Time agreed to be acquired by private equity firms TPG Capital and Leonard Green & Partners in a leveraged buyout.
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Controversies
Several employees of Life Time Fitness took the firm to court regarding a matter of wage withholding during the year 2004. In 2009, a court ruled in favor of employees in the case of Baden-Winterwood v. Life Time Fitness Inc., with a judgment that employees must be paid in accordance with federal and state wage-and-hour laws which require overtime pay for hours worked in excess of 40 in a workweek.
Source of the article : Wikipedia
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