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Crunch Sale to Close Soon; Miller Out as CEO

Published Monday, August 31, 2009

NEW YORK -- Crunch, New York, formally announced today that its sale to an investor group led by New Evolution Fitness Co. (NEFC) and Angelo, Gordon & Co. has been approved by the U.S. Bankruptcy Court for the Southern District of New York. The sale is expected to close by mid-September. As part of the transaction, CEO Tim Miller has resigned, effective tomorrow, although he will stay involved as an advisor, according to a company statement. Mark Mastrov, founder of NEFC, is now the chairman of Crunch. Jim Rowley, Mastrov’s partner at NEFC, will ...

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