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MarketScreener Homepage  >  Equities  >  OTC Bulletin Board - Other OTC  >  Town Sports International Holdings, Inc.    CLUBQ

TOWN SPORTS INTERNATIONAL HOLDINGS, INC.

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Town Sports International : AGs Target Health Clubs For Charging Fees While Closed

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04/28/2020 | 11:09am EDT

The Attorneys General of New York, Pennsylvania, and the District of Columbia recently wrote to Town Sports International Holdings -- the owner of New York Sports Club, Philadelphia Sports Club, and Washington Sports Club -- and demanded that the company stop charging customers for membership fees while its gyms are closed due to the COVID-19 pandemic. 

In their letter, the AGs charged that TSI, "has violated multiple State laws by charging consumers membership dues for services TSI no longer offers, imposing punitively high cancellation and freezing fees that are unconscionable under the circumstances, misleading consumers about their rights to cancel or freeze their memberships, withholding information from consumers about how they can cancel or freeze their memberships, and refusing to honor cancellation requests." 

Specifically, the AGs said that TSI violated the law by charging dues or assessing fees "when the services for which members pay such fees are unquestionably no longer being provided through no fault of the members."  The AGs said that gym members have the absolute right to cancel or freeze their memberships without paying any fees or providing advance notice when TSI has closed its clubs, even if the closures were mandated by the government as a result of the national COVID19 pandemic and state of emergency. 

The AGs also said that it is an unfair and deceptive practice for TSI to mislead or fail to inform members how they can exercise their rights to cancel or freeze their memberships.  The AGs said, "At a time when millions of Americans have lost their jobs and every penny counts, TSI's refusal to accurately apprise members of their rights, or to mislead them about their rights, is unfair and deceptive." 

In addition to requiring TSI to stop charging membership fees when its clubs are closed, the AGs demanded that the company post a notice on its website, and send an e-mail to its members, informing them of this fact.  

www.fkks.com

This alert provides general coverage of its subject area. We provide it with the understanding that Frankfurt Kurnit Klein & Selz is not engaged herein in rendering legal advice, and shall not be liable for any damages resulting from any error, inaccuracy, or omission. Our attorneys practice law only in jurisdictions in which they are properly authorized to do so. We do not seek to represent clients in other jurisdictions.

Mr Jeffrey Greenbaum
Frankfurt Kurnit Klein & Selz
488 Madison Avenue 10th Floor
New York
NY 10022
UNITED STATES
E-mail: info@fkks.com
URL: www.fkkslaw.com

© Mondaq Ltd, 2020 - Tel. +44 (0)20 8544 8300 - http://www.mondaq.com, source Business Briefing


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Financials (USD)
Sales 2019 467 M - -
Net income 2019 -18,6 M - -
Net Debt 2019 776 M - -
P/E ratio 2019 -2,44x
Yield 2019 -
Capitalization 1,97 M 1,97 M -
EV / Sales 2018 0,73x
EV / Sales 2019 1,77x
Nbr of Employees 5 550
Free-Float 85,7%
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NameTitle
Patrick Dennis Walsh Executive Chairman & Chief Executive Officer
Phillip Allen Juhan Chief Financial Officer
Martin J. Annese Independent Director
Jeffery Crivello Director
Justin Lundberg Independent Director
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