NEW YORK - Bally Total Fitness Holding Corp has filed for bankruptcy protection after struggling in recent years with membership declines and too much debt. The Chicago-based company and more than 40 affiliates filed for Chapter 11 protection from creditors on Tuesday with the U.S. Bankruptcy Court in Manhattan. They listed $396.8 million of assets and $761.3 million of debts as of December 31, court papers show.

The company said the reorganization process will not affect memberships or operations at its more than 375 health clubs. It also intends to keep paying employees and vendors. Bally has struggled in recent years to attract new members, and in March said it expected continued membership declines through at least 2008.

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