California Wow Fitness Bankrupt Sued By Bangkok Bank

[Rimmer]

California WOW Fitness Bankrupt Sued By Bangkok Bank

PATTAYA: -- Bangkok Bank Plc has sued Thailand's biggest fitness operator: California WOW Xperience Plc (CAWOW).

Bangkok Bank, the creditor, filed a lawsuit after the company was unable to service debts totalling 75.87 million THB (debt of 71.90 million THB and default interest of 3.97 million THB).

The report said CAWOW, founded by Mr. Eric Levine, “is continuing to make progress on the existing rehabilitation plan”.

Full story: http://www.pattayada...y-bangkok-bank/

--PATTAYA DAILY NEWS 2012-04-27

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[tropo]

It's not looking good for my lifetime membership in Pattaya. We've always been concerned about their liquidity, but this confirms it.

[cathy211]

I always wondered who's life would come up first...

[tropo]

I never would buy a lifetime membership thinking it's really for life - or should I be hoping it's not for life?

I dread having to go back to Tony's. He's selling up, I've heard.

"You got to work out"

Edited April 27, 2012 by tropo

[londoedan]

I dread having to go back to Tony's. He's selling up, I've heard.

"You got to work out"

I also would not want to go back to Tony's.

After a year with him I joined Ca Wow at The Avenue at 8000 for a year and thought they were great.

I've just renewed at 4K a year for 3 years and I thought at the time that the deal was too good to be true - looks like I might not get full value out of that

[PattayaParent]

I dread having to go back to Tony's. He's selling up, I've heard.

"You got to work out"

I also would not want to go back to Tony's.

After a year with him I joined Ca Wow at The Avenue at 8000 for a year and thought they were great.

I've just renewed at 4K a year for 3 years and I thought at the time that the deal was too good to be true - looks like I might not get full value out of that

Better slip a few dumbells in your bag next time you visit.

[AlexDorneles]

I got offered a Caliwow lifetime membership for 15k bht last month at the Siam Paragon location. Thankfully I passed on it.

[pipo1000]

I never would buy a lifetime membership thinking it's really for life - or should I be hoping it's not for life?

I dread having to go back to Tony's. He's selling up, I've heard.

"You got to work out"

Well,getting the run around is also some kind of workout.

I've got a membership for 15.000 Baht 3-4 years ago so I think I had my money worth,but as I hadn't time to workout for the past 3 months and was to pick up again next week,is it still open?

[cathy211]

Just came back from the Pattaya branch. Business as usual and new memberships being sold.

[IsaanUSA]

I got offered a Caliwow lifetime membership for 15k bht last month at the Siam Paragon location. Thankfully I passed on it.

How much does a "regular" membership cost? 15k baht for a lifetime membership sounds pretty good to me, but I have no idea how much the regular membership costs.

[vijer]

Shit!! Excuse me?!? How the fubar do you get the Thai bank to give you 75 million to open a fitness center(s) and what the fubar do you spend that much on?

And then there is the name "California" + "WOW" + "Experience". Yep sounds like bullshit to me.

[tropo]

Shit!! Excuse me?!? How the fubar do you get the Thai bank to give you 75 million to open a fitness center(s) and what the fubar do you spend that much on?

Just for starters, commercial quality cardio machines are very expensive. The basic models probably go for over USD $10,000 each.... so that's about 3 machines per million baht. It adds up in a big fitness club.

[JohnAllan]

Just came back from the Pattaya branch. Business as usual and new memberships being sold.

Just came back from the Pattaya branch. Business as usual and new memberships being sold.

That would be before the news. Tomorrow, they'll be queuing to get their money back.

[skippybangkok]

Inevitable - life time membership .... Unless the average life is 3 yrs

[luckyman]

It's not looking good for my lifetime membership in Pattaya. We've always been concerned about their liquidity, but this confirms it.

True, it always looked like they would not last but I had a membership already for 4 years today, so still a great deal, I paid 12 K only once!

That's still very very cheap for a great gym with clean bathrooms and locker rooms and great equipment and sometimes beautiful women around. I hope they make it out of this but I fear for the worst....

[FarangBuddha]

As I often reminded people with these "life time memberships," the WOW sales reps always forget to mention that this referred to the life time of the Cal. WOW business model and not the lifetime of the prospective member. Seems like that business model has now gone tits-up as many have long predicted.

Maybe Bangkok Bank can foreclose on someone's Phuket mansion...might bring in a nice bit of baht.

Edited April 27, 2012 by FarangBuddha

[PoodMaiDai]

.... WOW.

[FarangBuddha]

It's not looking good for my lifetime membership in Pattaya. We've always been concerned about their liquidity, but this confirms it.

True, it always looked like they would not last but I had a membership already for 4 years today, so still a great deal, I paid 12 K only once!

That's still very very cheap for a great gym with clean bathrooms and locker rooms and great equipment and sometimes beautiful women around. I hope they make it out of this but I fear for the worst....

Yeah...the shower facilities in the toilet stalls (not in the bathrooms but actually INSIDE the toilet stalls) was way classy!

[tropo]

As I often reminded people with these "life time memberships," the WOW sales reps always forget to mention that this referred to the life time of the Cal. WOW business model and not the lifetime of the prospective member. Seems like that business model has now gone tits-up as many have long predicted.

Surely that was self evident and a reminder from you was not required?

[MegaRanter]

That company seem to have more than 9 lives.

Their sales people all seem to be on the same substance as Indian palm readers in Bangkok.

After the red mob set CW on fire, a friend got me 6 months trial at the paragon arm. How do they balance books when they dole out 6 months free trial?

[ricklev]

There's a long legal path between a company being sued for bankruptcy and asset liquidation in Thailand. We might get months or even years more out of our memberships. The judge has a few options.......

[ricklev]

You would think the morons involved in publishing an article like that would explain what a court action like this means to the 1000's of members. But no, they couldn't be arsed the time and effort.

[ricklev]

Oops. Thought the article quoted was the one from the Post. Never mind.

[2unique]

Didn't one of the owners just have an extremely opulent wedding?

Obviously that wouldn't come out of the loan monies, so there must be some cash around!

Sent from Android please excuse errors in type or judgement

[Avarius]

I wouldn't be worried that they will shut down over night, these things take time to hash out in court. I would be wary of long term memberships at this point though. Also Tony isn't selling his fitness centers, in fact is opening a big new one in Soi Buakhao area in Pattaya to replace the small one there. He is selling off some other properties he isn't using anymore. California Wow is definately a slicker place, looks great etc. but at Tony's at least you don't get the whole sales, upsell, buy our supplements crap etc. Both have great equipment, so personal preferance I think.

[happyaussie]

Owner had an amazing property North of Phuket. Sprawling over 5 rai and must have cost millions of $. Also a stable of Ferraris. Memberships well invested....not any more.

[FarangBuddha]

ter the red mob set CW on fire, a friend got me 6 months trial at the paragon arm. How do they balance books when they dole out 6 months free trial?

You don't...that's why you end up bankrupt

[FarangBuddha]

Didn't one of the owners just have an extremely opulent wedding?

Obviously that wouldn't come out of the loan monies, so there must be some cash around!

Sent from Android please excuse errors in type or judgement

No, that's only done by developers with the deposits of condo "buyers" who never complete on their projects.

[tropo]

I wouldn't be worried that they will shut down over night, these things take time to hash out in court. I would be wary of long term memberships at this point though. Also Tony isn't selling his fitness centers, in fact is opening a big new one in Soi Buakhao area in Pattaya to replace the small one there. He is selling off some other properties he isn't using anymore. California Wow is definately a slicker place, looks great etc. but at Tony's at least you don't get the whole sales, upsell, buy our supplements crap etc. Both have great equipment, so personal preferance I think.

That's not good new for people who train at the other Tony's gyms. He'll take existing equipment out of the other gyms to stock his new bigger gym on Buakhao. This is one of the big problems I had at Tony's. Here today, gone tomorrow as far as equipment is concerned.

I've never spoken to a sales person at California since I bought my membership 3 years ago. Probably because I bought a lifetime.

[Tolley]

These fitness places have a bad reputation for being giant ponzi schemes.

You should never think that a life membership means anything more than a few years and if you get more that that you are lucky.

I suppose if you only paid 15k baht for a life membership and you got a few years it is still a good deal.

I am a fitness first member in Singapore and I pay about 24kbaht a year so Thailand is still pretty cheap for gym membership.

There is that gym in Pattaya down in the A One Hotel on Beach Road and soi 3 that looks quite nice. Probably could get a good deal there if you dont wanna use Tonys. When i am in Pattaya I always use Tonys but he has really gone downhill the last few years. It was a real shame when he moved the gym he had off Walking St to another location because for 99baht it was a real bargain.