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Bally's to sell its 16 Toronto sites

CHICAGO --Fitness center operator Bally Total Fitness on Wednesday said it agreed to sell its 16 Toronto properties to Extreme Fitness Inc. and Good Life Fitness Centres Inc.

The properties include nine Sports Clubs of Canada and seven Bally Total Fitness clubs. Six of the clubs will be sold to Extreme Fitness and ten will be sold to Good Life.

The company expects proceeds of 19.6 million Canadian dollars, or about $17.5 million, from the sale. Bally's said the sale is part of a continuing restructuring effort and a renewed focus on U.S operations.

Bally's shares soared 29 cents, or 31.9 percent, to $1.20 in midday trading on the New York Stock Exchange.