Gold's Gym files for bankruptcy, shuts shop at multiple locations worldwide. Here's what we know
World's largest co-ed gym chain -- Gold's Gym -- has filed for bankruptcy after it shut down several branches across the world due to the disruptions caused due to the COVID-19 lockdown that has been in place in most major countries.
In an official press release issued by the company, President and CEO Adam Zeitsiff said that he wanted to be 100 per cent clear that Gold's Gym is not going out of business. "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," the CEO said via a press release.
The company referenced the COVID-19 disruptions as the soul reasons for the bankruptcy and hoped to reemerge from bankruptcy proceedings by August 1.
Gold's Gym further clarified that bankruptcy filing would affect only company-owned locations, which represent a fraction of the 700 stores owned by the company worldwide.
