Steve Nash Fitness World change of name, drops out of the Steve Nash name

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B. C. iconic gym chain Steve Nash fitness World plans to do that, drop the name of former National Basketball Association (NBA) star Steve Nash and open gyms at the beginning of July.

B. C. iconic gym chain Steve Nash fitness World plans to do that, drop the name of former National Basketball Association (NBA) star Steve Nash and open gyms at the beginning of July. The news comes days after a group of new investors have committed to acquire rights to the Steve Nash fitness World brand – a purchase that the Supreme Court of canada has yet to approve.The new owners plan to honor all service contracts with members, including pre-paid memberships and training services, the company said June 19. The current members whose memberships have been frozen because of COVID-19 will be able to extend their freeze during the month of July, if they wish, according to the company, which is mired in insolvency procedings.

Chris Smith will remain as CEO.

The newly appointed fitness World aims to reopen some of the locations during the first week of July, with full access to the training floors, group fitness and small group training sessions. Each location is expected to impose health and safety measures.

The news that the World of Fitness has dropped the Steve Nash’s name comes, probably, also a certain sense of relief of the eight-time NBA all-star and Naismith Memorial Basketball Hall of Fame inductee. BIV sent requests to interview Nash to his foundation and his press secretary, but did not immediately answer.

Nash, along with partners Mark Mastrov and Leonard Schlemm, in December 2009, purchased from fitness World – 13-en-sport, chain of Henry Polessky founded in 1978.

Nash later sold its shares to those partners, who also sold the shares. Nash was later stuck in an agreement which said that her name could be the brand of the company. He had a falling out with Steve Nash Fitness World and cooperatives have filed a suit for breach of contract in October 2016, aiming to remove his name from the company. This trial has dragged on for years before Nash finally lost.

He then concluded an agreement with Steve Nash fitness World last year, and, in September 2019, he joined the board of directors.

Fitness World-new owner of the team has not been revealed to the public, but its members have extensive experience in the fitness industry, according to The Bowra Group, which was appointed as proposal trustee in the insolvency proceedings of the company is officially known as SNFW fitness.

Under these procedures, all proceedings against the company, which has more than $ 44 million to creditors, are stayed. SNFW fitness has filed a notice of intention to file a proposal to creditors on April 3. The british columbia Supreme Court on the 17th of June, and then extended the deadline for the filing of the proposal until 3 August. If the company has not filed a proposal for a time limit, it is deemed bankrupt under the federal bankruptcy and insolvency legislation.

Fitness World says that he has promised to make a donation of equipment from closed locations to the communities in need, with the goal of supporting widespread access to high-quality fitness equipment that supports the exercise and an active lifestyle.

With files from Hayley Woodin

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@GlenKorstrom

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