October 1, 1993 |
The owners of the Nutri-System diet center franchise for Orange County are expanding and are also reopening some centers in the greater Los Angeles area that were closed in May. Parent company Nutri-System Inc., based in Blue Bell, Pa., shut down 283 company-owned diet centers across the nation after creditors pushed the company into involuntary bankruptcy proceedings. Last week, however, a U.S.
May 11, 1993 |
The confusion surrounding Nutri-System Inc., the debt-ridden chain of weight-loss centers, deepened Monday when its pending sale to a Chicago investment firm ran into unexpected opposition. Nutri-System court-appointed trustee John T. Carroll said Monday that he intends to fight the sale to Chicago-based Heico Acquisitions because it doesn't cover the debt owed to unsecured creditors. Carroll said the unsecured creditors, a group which includes employees, are owed $8 million to $10 million.
May 8, 1993 |
A Chicago firm that invests in distressed companies agreed on Friday to buy debt-ridden Nutri-System Inc., bringing closer to resolution a financial crisis that forced the closing of 282 company-owned weight-loss centers last week. John Gough, an attorney for Nutri-System franchisees, identified the buyer as Heico Acquisitions. A representative of Heico could not be reached.
May 7, 1993 |
Time Running Out on Nutri-Systems Inc.: A U.S. Bankruptcy Court judge in Philadelphia said he would appoint a trustee to run the company unless Nutri-System's current owners came up with a buyer for the debt-ridden weight-loss company today. The company closed its 283 company-owned diet centers last week after banks seized its bank accounts and impounded food supplies. The company's 857 franchises have remained open, but resuming food shipments has been a concern.
April 30, 1993 |
Nutri-System Inc. was said to be negotiating with potential buyers Thursday as it sought a way out of the financial mess that forced it to abruptly close 280 company-owned diet centers across the country, including about 40 in the greater Los Angeles area. The company was thrown into corporate chaos late Wednesday when its bankers seized the troubled company's cash and took control of its bank accounts. The company immediately sent its 1,800 employees home indefinitely.