Gold’s Gym filed for Chapter 11 bankruptcy protection Monday amid the coronavirus pandemic.
The company recently announced the permanent closure of about 30 U.S. company-owned gyms, driven by the COVID-19 crisis.
“We want to be 100 percent clear that Gold’s Gym is not going out of business,” said Gold’s Gym President and CEO Adam Zeitsiff. “The brand is strong, and we’ll continue to innovate and grow our digital business, our licensing program and our global footprint as we focus on serving our millions of members across the world.”
According to a press release from Gold’s Gym, gyms and fitness centers temporarily closed during the COVID-19 shutdown are listed in Phase One of the White House plan to reopen the U.S. economy, and the filing will not impact reopening plans or current operations for company-owned Gold’s Gym locations.
“Gold’s Gym has been the world’s trusted fitness authority for more than 50 years, and we’re absolutely not going anywhere,” Zeitsiff said.
Zeitsiff said the renegotiated filing will enable the company to emerge from the pandemic stronger and ready to grow.
He said the company’s intentions are to be on the other side of Chapter 11 by Aug. 1, if not sooner.
The company said franchisee-owned gyms, which make up the bulk of the Gold’s Gym global footprint, are not part of this filing in any capacity, and they do not anticipate the filing will affect franchisee-owned gyms in any way.
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