When the novel coronavirus pandemic knocked the world, gyms were one of the hardest hit. Now, the grim effect has started to appear with well-known gym chain Gold's Gym filing for bankruptcy, blaming the COVID-19 crisis for financial stress. The gym filed for Chapter 11 protection on Monday. The company said that this move would mean complete closure of 30 company-owned gyms in the United States.
The gym chain has over 700 gyms around the globe under Gold's brand. Most of them are franchises. However, franchisee-owned locations will remain unaffected from the move.
Gold's Gym Tweet:
Gold’s Gym has been the world’s trusted fitness authority for more than 50 years, and we’re absolutely not going anywhere. View an update on our business and future plans from our President & CEO Adam Zeitsiff at goldsgym.com/restructure/
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"To be clear, the filing should not impact our licensing division, it is not associated with any of our locally-owned franchise gyms, nor will it prevent us from continuing to support our system of nearly 700 gyms around the world," according to the Gold’s Gym website.
“This has been a complete and total disruption of every one of our business norms, so we needed to take quick, decisive actions to enable us to get back on track,” chief executive Adam Zeitsiff said in a video statement.
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