Life Time preparing to open during coronavirus pandemic

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As gyms are starting to reopen around America and Minnesota hopes to have them open June 1st, there are questions about what differences will be seen. Minnesota based Life Time CEO Bahram Akradi joined The Morning News with Dave Lee and said that while there will be some changes, it will still be a safe space to exercise. 

"We have about a 400-page protocol that my team has put together. I couldn't be more pleased with the level of detail they have gone through. There are signs all over for the social distancing spacing. We have masks available for all the team members. We have masks available for members who want to grab and put them on. We have this special cleaning [solution> that our people use that kills the virus within 60 seconds. We also have an abundance of stations with cleaning supplies. We also have cleaning rags so the members can clean before and after."

We’ve been working on our carefully planned, phased approach to reopening with added safety measures, social distancing practices and extensive cleaning protocols following CDC guidelines. Learn more about how we are ensuring your safe return here: https://t.co/377rXnex8t. pic.twitter.com/Fi8Mw3BLeX

— Life Time (@LifeTime_Life) April 24, 2020

Akradi says that he is hoping that Life Time can open their outdoor pools and activities by Memorial Day weekend. He also thinks that his indoor facilities will be open in Minnesota in the next couple of weeks. One of the biggest questions facing the company is handling group fitness. "For the [group fitness> classes we have, we basically set up a larger space for each person and the equipment that they're using during that class is strictly for themselves so they don't share equipment," says the Life Time CEO. 

Life Time's first club reopened up in Tulsa, Oklahoma last Friday with a ceremony with the state's Governor. As for Minnesota, Akradi thinks that Governor Tim Walz has done a fantastic job during the pandemic. 

"I think that Governor Walz has done a great job quickly moving and getting things ready, the hospitals, the medical supplies, the PPE, the stuff that they needed. As he's mentioned, I think he can trust the business owners and Minnesotans, Minnesotans always are respectful. They take good direction. I seriously believe that we need to get the businesses open, but I think the Governor is right on it. He gets it."

In a time when the pandemic has hurt many businesses, Akradi says Life Time hasn't gone unscathed, but they have managed to get by. 

"We were making about $50 million a month in EBITDA and now we're losing 50 million a month in EBITDA. I can tell you if it's a month or two or three you can put it together and come back. This the worst thing I've ever seen in my life. I've never seen the revenue go from maximum to zero in one day. But, look, you know, we'll get through it. We'll survive this and we will definitely thrive in the years to come."