UNITED STATES—Gold’s Gym filed for Chapter 11 bankruptcy protection on Monday, May 4 due to COVID-19 forced closures, as many other business are expected to do in the coming weeks.
“Gold’s Gym has been the world’s trusted fitness authority for more than 50 years, and we’re absolutely not going anywhere,” said President and CEO Adam Zeitsiff in a statement via a press release the company posted on their Twitter account.
The company referred to difficulties brought on by the Coronavirus pandemic and is hopeful to bounce back by August 1. The gym chain was forced to temporarily close locations across the United States in March in response to many states’ restrictions on businesses as a response to COVID-19. In April, they announced it would close 30 company-owned locations permanently.
“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.”
