Bally Total Fitness Holding Corporation (website) shares dropped more than half their value Friday after the fitness center company with many locations in the Chicago area reported Thursday that it may file for bankruptcy. Bally Total Fitness might file to reorganize its operations under Chapter 11 because it has $827 million in outstanding debt, with $300 million due in October, and only $45 million in cash.
BFT stock fell $1.24, or 62 percent, to an all-time closing low of 75 cents a share on the New York Stock Exchange. Shares have fallen more than 90 percent in the past year.
Bally was not be able to file its annual report with the Securities and Exchange Commission, which was due today.