Therese Sta. MariaSad news for gym goers who have long been affiliated with Gold’s Gym — the company officially filed for bankruptcy and permanently closed 30 gyms last month. Despite the fact that Gold’s Gym experienced its strongest worldwide growth in 2019, the coronavirus-induced lockdowns around the world still managed to deal greater damage to the company.
An official statement in their company website reads as follows: “The global COVID-19 pandemic spurred us to take immediate action, including the difficult but necessary decision to permanently close about 30 company-owned gyms to maintain the strength and growth of the potential of the brand, as well as ensure the continued viability of the company for decades to come. We have been working with our landlords to ensure that the remaining company-owned gyms reopen stronger than ever coming out of this pandemic.”
Gold’s Gym location in Cairo along the Nile river | Image credit: MusikAnimal
Against all odds, Gold’s Gym still ensures their members that the filing of bankruptcy and closing of 30 company-owned gyms do not affect their licensing and their continuous support for the nearly 700 Gold’s Gym branches around the world.
On the company website’s Chapter 11 Restructuring page, Gold’s Gym reiterates that they are “absolutely not going anywhere”. Furthermore, the showrunners took some time to address a Q&A on the page. Here, they assuage worries about whether or not the company is going out of business, in which the answer was a clear no. Gold’s Gym will continue to operate across the United States once it’s safe. The company-owned gyms that have been shut down are reportedly based in St. Louis in Missouri, Alabama, and Colorado Springs.
In light of all this, we’re glad to know that the franchisee-owned Gold’s Gym locations, which make up most of the company’s global footprint, are not part of this filing nor are they affected by the bankruptcy in any way.
Gold’s Gym has been around for approximately 50 years and we have faith that they are going to bounce back as the strong fitness authority that they are. Until then, don’t let the lockdowns take a toll on your body, and explore some home workouts while waiting for gyms to reopen!
Featured image credit: Littlegreenfrog | Wikimedia Commons.
