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Bahram akradi founders federal credit report: Life Time, Inc. is a chain of health clubs in the United States and Canada. The company was founded by chairman and chief executive officer, Bahram Akradi. [1]. The company was incorporated in as FCA, Ltd., a Minnesota corporation, and registered the name Life Time Fitness in March of [2].

Life Time Fitness

American-Canadian health club chain

Not to be confused with Life Fitness.

Life Time, Inc. is a chain of health clubs in the United States and Canada.

History

The company was founded by chairman and chief executive officer, Bahram Akradi.[1] The company was incorporated in as FCA, Ltd., a Minnesota corporation, and registered the name Life Time Fitness in March of [2] In , the word "Fitness" was officially dropped from the brand name, and the company became simply Life Time, Inc.

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. As of mid, the locations include over athletic clubs, 3 apartment home residences, and 10 coworking locations.

Bahram akradi founders federal credit bureau Life Time Fitness, Inc. The publicly traded company is based in Eden Prairie, Minnesota, a state that is home to 14 Life Time centers. Illinois , with seven centers, is the next largest area of operation for the chain, followed by Michigan with five, Arizona , Texas , and Virginia with two, and single locations in Indiana and Ohio. Life Time takes a big box approach to health clubs, using a model center that exceeds , square feet in size and has a target capacity of 11, memberships. About one-third of the units conform to this model, and another dozen are also large-format centers.

Most Life Time locations are located in exurban or 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 December they opened up a new facility inside of the Southdale Mall in Edina, Minnesota, replacing the former tenant J.C.

Penney.[4]

In addition to its health clubs, the company has created or acquired, as of , more than annual races in the United States. These include the Life Time Tri Series, the Leadville Race Series, the Chequamegon Fat Tire Festival in Hayward, Wisconsin,[5] the Unbound Gravel gravel bicycle race, and the Miami Marathon.[6]

In August , Life Time, a publicly traded company, considered becoming a Real Estate Investment Trust (REIT) in response to pressure from its largest shareholder, Marcato Capital Management.

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    • In March , Life Time was acquired by private equity firms TPG Capital and Leonard Green & Partners in a leveraged buyout.[7][8]

    Controversies

    Lawsuit

    Several employees of Life Time Fitness took the firm to court for withholding wages in [9] In , 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.[10]

    See also

    References

    1. ^"Who's Who in Fitness".

      Archived from the original on

    2. ^"Twin Cities health clubs go national".
    3. ^"Fact Sheet".

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    7. Lifetime products ceo

      8. Archived from the original on

    8. ^"Miss Penney's already? See "Southdale at 60" exhibit, closing Aug. 31". Star Tribune. Retrieved
    9. ^Pearson, Stephanie (September ).

      Bahram akradi founders federal credit Life Time, Inc. The company was founded by chairman and chief executive officer , Bahram Akradi. The first club opened in Brooklyn Park, Minnesota. Several locations were added to the Minneapolis—St. Paul area before the chain expanded to suburban communities in other states.

      "Meet the New Boss". Outside. pp.&#;26–

    10. ^"Athletic Events". Life Time. Retrieved
    11. ^Tan, Gillian (March 16, ).

      Bahram akradi founders federal credit union

      Life Time Fitness, Inc. The publicly traded company is based in Eden Prairie, Minnesota, a state that is home to 14 Life Time centers. Illinois, with seven centers, is the next largest area of operation for the chain, followed by Michigan with five, Arizona, Texas, and Virginia with two, and single locations in Indiana and Ohio. Life Time takes a big box approach to health clubs, using a model center that exceeds , square feet in size and has a target capacity of 11, memberships. About one-third of the units conform to this model, and another dozen are also large-format centers.

      "Leonard Green, TPG to Take Life Time Fitness Private". Retrieved March 16,

    12. ^Waite, Kirstin (March 16, ). "Life Time Fitness sold to private equity firms in deal valued at more than US$4 billion". Retrieved March 16,
    13. ^Mark Tabakman (June 8, ).

      Bahram akradi founders federal credit account Bahram Akradi founded Life Time in with a goal of helping people achieve their health and wellness goals through a category redefining approach in providing entertaining, educational, friendly and inviting, functional and innovative experiences with uncompromising quality and unparalleled service. Not only has Life Time established a unique and powerful model in the healthy living, healthy aging, and healthy entertainment space, the company invented an entirely new industry — Healthy Way of Life HWOL — in which Life Time operates in a category of one. Within the ever-changing retail landscape, Akradi has formed partnerships with leading commercial property owners and developers nationwide to transform former mall anchor store spaces into Life Time's large, healthy way of life destinations. The Company also introduced Life Time Work, an entirely new concept that is redefining the shared workspace industry through the thoughtful application of space geometry and color psychology, along with timeless materials and finishes. Since each Life Time Work membership includes access to its athletic country clubs, Life Time Work also promotes a healthy mindset as members can be productive, engaged and healthy.

      "Salary Deductions Can Make Workers Lose Exempt Status". Wage & Hour. Retrieved

    14. ^Griffing, Marjorie (November 1, ). "Not making the case for recovering overpayments from exempt employees". Payroll Manager's Report. Archived from the original on August 24, Retrieved

    External links