Is Fitness First (Philippines) in the RED?

 Is Fitness First Philippines int the RED?

The recent announcements in different branches of Fitness First caught my attention. 

The announcements seemed to be not in unity. FF management said that they will be increasing the monthly rates by P49.00 in order to improve their service through the new equipments and renovations. I am one of the pioneer members of FF Ayala being one of first who joined the club when it opened in 2001. At present, i am paying more than P2,000.00

However, they have reduced the number of hours that you can use these facilities based on the postings, FF MOA will close at an earlier time, 8:00pm every saturday, sunday and holidays starting February 1, 2012. while the other branches will follow mall hours. FF Robinsons Summit Center (RSC/Ayala) is closed on Sundays. And there are news that FF Southmall will be permanently closed by October 2012. I usually go to FF MOA on weekends since it was open until 10:00pm. The softdrinks are gone and they have replaced them with Hot Tea, which they said is "healthier" alternative.

Upon searching the web, i bumped upon  PinoyExchange.com  wherein netizen FF  members voiced out their complaints on the service and other matters, mostly in the billing system, the "freezing" and termination" scheme.There are other blogs referring to the erroneous billing scheme of Fitness First. Several problems such as credit card auto debiting, inaction to consumer complaints, non termination of fitness contracts even if clients already filed termination, open ended contracts, non return of double billing, freezing of account with charges, hidden charges, defieciency in safety standards, onerous contracts, non fulfillment of those promised or stipulated upon, credit card requirement upon membership, use of credit card info without authorization and informing the client, surcharges, injuries and others.

Some of the postings include: 

- "As much as FF annoys me, their presence at least gets people in the mindset of working out. Just like Starbucks is necessary for smaller local coffee chains like Figaro to get people into drinking coffee before they transfer to a specialty brand like Figaro, FF is good for the fitness industry, that is, if they are honest with their current and former members."

 - FF there is known as 'Fitness Finance' Thanks for your input on this issue. People reading this need to understand that even if you are a SATISFIED member of Fitness First, you need to be completely on-guard if you need to stop your membership for whatever reason. Even then, somehow I think that if you do what is according to their contract, it still may not be honored...for at least another month or so based on the e-mails I've received.

In an   article published at the United Kingdom,  Race against time: Fitness first is looking to renegotiate its £550m debt . Fitness First faces a race to refinance its debts after its private equity owners ousted the company’s top management. The said article further stated that Fitness First, which runs more than 140 UK clubs and 300 further afield, needs to renegotiate the financing behind its £550m debt mountain. That follows the revelation that a number of gyms and fitness centre chains are to investigated by the  Office of Fair Trading after accusations that customers are being unfairly locked into lengthy contracts and pursued by aggressive debt collectors. The OFT is concerned that some gyms may be imposing unfair contract terms by making it difficult for members to end contracts.