Oregon Gold’s Gyms File for Bankruptcy

SALEM, OR -- Companies operating Oregon Gold’s Gyms that had been ordered to post a bond or be forced to shut down have filed for bankruptcy.

Synergy Fitness LLC, Synergy Joint Venture LLC and Synergy Gym Group LLC, which operate the Gold’s Gyms, filed for Chapter 11 bankruptcy protection in Salem, Eugene and Springfield, OR, according to the Salem Statesman Journal. Troy Finfrock is listed as the managing member of all three companies.

According to bankruptcy schedules, the company that runs the Salem Gold’s listed assets of $92,000 and liabilities of more than $725,000.

Earlier this month, Brad Avakian, the Oregon Labor Commissioner, ordered the companies running the Gold’s Gyms in Salem and Eugene to maintain a payroll surety bond of $187,200 by May 15. The bond was intended to ensure that Gold’s employees were paid on time.

Both clubs had a history of payroll problems, the newspaper reported. The Oregon Bureau of Labor and Industries received 15 written complaints from employees about wage issues from Feb. 19, 2009, to April 28, 2010.

A spokesperson for the Oregon Attorney General’s Office said that during the reorganization, members are not entitled to a refund as long as the Synergy companies honor their contracts and remain in business. Pro-rata refunds, if assets are available, would be possible if reorganization fails, he told the newspaper.

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