Gold’s Gym is feeling the crunch, but we ain’t talking abs … one of the world’s largest gym operators is filing for bankruptcy as the pandemic wreaks havoc on the fitness biz.
With most locations shuttered across the globe due to the coronavirus outbreak, and about 30 corporate-owned gyms permanently closed, Gold’s says it’s being forced to seek relief from creditors.
The company hopes to emerge from Chapter 11 bankruptcy by Aug. 1 at the latest, and says it will keep paying vendors and suppliers while under court protection.
The Dallas-based company is carrying between $50 million and $100 million in debt, with assets in the same range … according to the bankruptcy filing.
Gold’s Gym, which is mostly franchised, says “the bankruptcy will have no further impact on current operations while under court supervision” … and despite dozens of closures, Gold’s Gym still has nearly 700 locations.
The gym giant says it’s had to furlough the majority of its staff, about 4,600 strong.
The filing underscores how hard the fitness industry’s been hit by shelter-in-place orders. There are reports 24-hour Fitness is also considering bankruptcy.
From Zendaya to Bad Bunny and more, these stars got the meme treatment after stepping… Read More
Getty Images “The Real Housewives of New York City” alum Bethenny Frankel and her fiancé… Read More
May 6, 2024 Dress: AJE (in black here) // Fish Earrings: Zara // Turquoise Bracelet:… Read More
Play video content Britney Spears is denying she had a "breakdown" at a big hotel… Read More
'The Real Housewives of New Jersey' wasted no time bringing the drama in the Season… Read More
Getty Images Ed Sheeran chatted with “Extra’s” Melvin Robert ahead of his performance at the… Read More