Update – Sport
Gold’s Gym filed for Chapter 11 bankruptcy protection on Monday, becoming the latest business to pursue restructuring amid coronavirus-related business disruptions.
We want to be 100 percent clear that Gold’s Gym is not going out of business,” President and CEO Adam Zeitsiff said in a press release. “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.
It said the bankruptcy filing would affect only company-owned locations, which represent about 10% of the company’s roughly 700 locations around the world.
“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. While the COVID-19 pandemic certainly impacted our company-owned gym operations, we expect the filing will have no further impact on current operations.”
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