Life Time Fitness
Formerly called | FCA ltd. |
|---|---|
| Private | |
| Founded |
1990 (as FCA ltd.) 1992 (as Life Time Fitness) in Brooklyn Park, Minnesota, United States |
| Founder | Bahram Akradi |
| Headquarters | Chanhassen, Minnesota |
Area served | United States and Canada |
Key people |
Bahram Akradi |
| Services | personal fitness instruction, salon, food court, childcare center, and indoor/outdoor pool |
| Owner | Leonard Green & Partners |
| Website |
lifetimefitness |
Life Time Fitness is a chain of health clubs in the United States and Canada, based in Chanhassen, Minnesota, near Minneapolis. Many of its facilities operate 24/7 and feature personal trainers, salons, food courts, child care centers, and indoor/outdoor pools.
History
The company was founded by Chairman and Chief Executive Officer, Bahram Akradi.[1] The company was incorporated in 1990 as FCA, Ltd., a Minnesota corporation, and registered the name Life Time Fitness in 1992.[2] The first club opened in Brooklyn Park, Minnesota.[3] Several locations were added to the Minneapolis–St. Paul area before the chain expanded to suburban communities in other states. Most Life Time Fitness centers are located in exurban or fringe suburban areas in medium to large-sized metropolitan areas, with some locations in central city or inner suburban areas. The oldest facility is in Eagan, Minnesota. In 2017 they announced plans for a new facility inside of the Southdale Mall in Edina, Minnesota replacing the former tenant J.C. Penney.[4]
In August 2014, Life Time Fitness, a publicly traded company, considered becoming a Real Estate Investment Trust (REIT) in response to pressure from its largest shareholder, Marcato Capital Management. In March 2015, Life Time was acquired by private equity firms TPG Capital and Leonard Green & Partners in a leveraged buyout.[5][6]
Controversies
Several employees of Life Time Fitness took the firm to court for withholding wages in 2004.[7] 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.[8]
See also
References
- ↑ "Who's Who in Fitness". fitnessbusiness-pro.com. Archived from the original on 2012-09-23.
- ↑ "Twin Cities health clubs go national". bizjournals.com/twincities/.
- ↑ "Fact Sheet". lifetimefitness.com/aboutlifetime/company.
- ↑ "Miss Penney's already? See "Southdale at 60" exhibit, closing Aug. 31". Star Tribune. Retrieved 2017-06-07.
- ↑ Tan, Gillian (March 16, 2015). "Leonard Green, TPG to Take Life Time Fitness Private". wsj.com. Retrieved March 16, 2015.
- ↑ Waite, Kirstin (March 16, 2015). "Life Time Fitness sold to private equity firms in deal valued at more than US$4 billion". triathlonbusiness.com. Retrieved March 16, 2015.
- ↑ Mark Tabakman (June 8, 2009). "Salary Deductions Can Make Workers Lose Exempt Status". Wage & Hour. Retrieved 2012-08-20.
... For example, in Baden-Winterwood v. Life Time Fitness Inc., the Sixth Circuit Court of Appeals held that deductions made by a health and fitness center employer from the base salaries of department heads to recoup portions of paid bonuses when the employees’ performance fell below a certain prescribed level caused the workers to lose their exempt status under the Fair Labor Standards Act. ...
- ↑ Griffing, Marjorie (November 1, 2009). "Not making the case for recovering overpayments from exempt employees.". Payroll Manager's Report. Retrieved 2012-08-20.
Employees must be paid in accordance with federal and state wage-and-hour-laws, including laws requiring overtime pay for hours worked in excess of 40 in a workweek ... Baden-Winterwood et al. v. Life Time Fitness Inc. ...