Facing slowdown, Life Time Fitness cuts 100 jobs
Minneapolis / St. Paul Business Journal
Life Time Fitness Inc. will cut 100 jobs at its Chanhassen headquarters, a move prompted by plans to scale back fitness center openings in 2009.
The layoffs will largely hit divisions such as real estate, construction and architecture, company spokesman Jason Thunstrom said. Life Time Fitness (NYSE: LTM) has about 800 workers at its headquarters.
The company announced earlier this month it would open fewer fitness centers in 2009, due to tightening credit markets and the overall downturn in the economy. It had planned to open 11, but scaled that number back to six.
Thunstrom said Life Time still has a “strong business model,” but had to adjust its staffing levels due to the expansion slowdown.
“The realities of reducing new club construction plans meant we had to take a tough look at our staffing levels and our cost structure,” he said.
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