Planet Fitness Threatens to Move New Hampshire Headquarters

As it prepares to go public, Planet Fitness is threatening to move its headquarters out of New Hampshire if the state doesn't change its tax laws.

The company is based in Newington and operates more than 900 gyms nationwide. Company officials say existing law will unfairly tax Planet Fitness once it goes public.

General counsel Richard Moore says headquarters employs between 150 to 175 people and the company is expanding. Moving headquarters likely wouldn't close gyms in New Hampshire. Lawmakers put the potential job losses at around 500.

John Beardmore, commissioner of the state's Department of Revenue Administration, says changing the law could make it easier for large companies to avoid paying the business profits tax.

Planet Fitness didn't say how many shares it would offer or the share price.