VI Fitness goes bankrupt
#1
Posted 02 May 2018 - 06:32 AM
#2
Posted 02 May 2018 - 06:47 AM
#3
Posted 02 May 2018 - 06:56 AM
Website details;
Some news from March:
http://vancouversun....n-supreme-court
A nasty family feud has erupted in a million-dollar lawsuit with one cousin accusing others of cheating him out of his share of a thriving Vancouver Island fitness-club chain for the equivalent of a roll of loonies, $25.
A former corporate solicitor at Blake, Cassels & Graydon LLP, Khaled Shariff claims in B.C. Supreme Court documents he was fired as CEO and squeezed out of VI Fitness Centres Inc. as a minority shareholder.
He alleges shareholder oppression and abuse of power by his cousins Salim Karim (as trustee of the Salim Karim Family Trust), Amin Karim (as trustee of the Amin Karim Family Trust), their mother Parviz Karim and InnHouse Management Inc. (part of the skein of the family-owned InnHouse Group of Companies).
#4
Posted 02 May 2018 - 07:31 AM
Website details;
Some news from March:
So we thinking that the club re-opens tomorrow under a new name and 'management'?
#5
Posted 02 May 2018 - 10:30 AM
So we thinking that the club re-opens tomorrow under a new name and 'management'?
Equipment being moved out: https://twitter.com/...719649329823744 you can still do aerobics.
Edited by todd, 02 May 2018 - 10:32 AM.
#6
Posted 02 May 2018 - 10:38 AM
Moving out before the repo-men show up. Smart.
- Matt R. likes this
#7
Posted 02 May 2018 - 10:43 AM
The business plan seems to be the same for most of this mid-level clubs. Sell memberships, try to lock the person onto a lengthy plan, hope they then actually never show up to use and wear equipment and facilities. Repeat.
- Nparker and 57WestHills like this
#8
Posted 02 May 2018 - 10:46 AM
^ Yup. These places live on the customers who come once or twice a week. You have to sell a lotta memberships to pay for a commercial grade treadmill...
#9
Posted 02 May 2018 - 11:14 AM
Working out is supposed to be good for your well-being. Buying a membership the week the place goes bankrupt would be bad for my well-being. I will stick with the Y and the local rec centres.
#10
Posted 02 May 2018 - 11:22 AM
If if you need exercise may I suggest a Black Press paper route*? My understanding is they haven't been able to find anyone in my area for at least a couple years now! I want my damn paper!
*stairmaster included!!
- GaryRanson likes this
#11
Posted 02 May 2018 - 11:43 AM
If if you need exercise may I suggest a Black Press paper route*? My understanding is they haven't been able to find anyone in my area for at least a couple years now! I want my damn paper!
*stairmaster included!!
Ya, they do not even hire adults to cover unfilled routes now, too expensive with minimum wage provsions.
- Matt R. likes this
#12
Posted 02 May 2018 - 12:04 PM
.....too expensive with minimum wage provsions.
Unless a major advertiser is on that route.. ... ....
#13
Posted 02 May 2018 - 04:16 PM
No surprise they were geared toward the ever shrinking "middle" ground which increasingly is the territory of chains like Fitness World and GoodLife Fitness; with a smaller percentage of hard core weightlifters patronizing 'bodybuilding'-oriented gyms.
After F-W moved from the Cloverdale location they spent a bundle on new equipment and expanded by another 7000 s/f within months of moving to Uptown. VI Fitness appealed to an increasingly marginalized market. Thanking my lucky stars I joined FW in Vancouver waaaay back in 1997 so I am grandfathered at a ridiculously low monthly rate
Edited by AllseeingEye, 02 May 2018 - 04:17 PM.
#14
Posted 02 May 2018 - 05:28 PM
i've been reading some of the replies on facebook posts.. it seems they took out membership fees yesterday for the first of the month, the staff had no idea, they were even signing up new members yesterday! and an email has gone around for those who still have items at the gym to come and pick them up asap as they may not have any staff at locations after today
#15
Posted 02 May 2018 - 08:19 PM
I wonder when the bankruptcy auction will be? I'd love to pick up a discount rowing erg...
#16
Posted 03 May 2018 - 08:10 AM
I wonder when the bankruptcy auction will be? I'd love to pick up a discount rowing erg...
Apparently the equipment was being hauled out yesterday. May have been leased. There is a place on Quadra that handles commercial equipment liquidation.
Edited by spanky123, 03 May 2018 - 08:11 AM.
- VicHockeyFan likes this
#17
Posted 03 May 2018 - 12:59 PM
I usually refrain from cheering the demise of a business, but their sequestered facilities for women only option (but same membership charge for men) always irked me. This is OK but Augusta National is not.
- GaryRanson and 57WestHills like this
#18
Posted 10 May 2018 - 11:19 AM
Until May 18th, Saanich Parks and Recreation will be honouring any VI Fitness pass at all our Centres (G.R. Pearkes, Cedar Hill, Gordon Head and Saanich Commonwealth Place).
- North Shore likes this
#19
Posted 02 August 2018 - 06:36 PM
New signage at the Oak Bay Avenue location for Oak Bay Fitness. I didn't notice any other information. Quick google search turned up nothing but a fairly new FB page: https://www.facebook.../OakBayFitness/
- Mike K. and 57WestHills like this
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