Gold’s Health club has filed for Chapter 11 chapter after the coronavirus compelled it to close down its exercise venues nationwide.
The health chain burdened that it’s not going out of enterprise regardless that the disaster compelled it to completely shut 30 company-owned areas. The corporate plans to work via the restructuring course of by Aug. 1 so it will probably proceed to help is sort of 700 gyms all over the world, president and CEO Adam Zeitsiff mentioned.
“Gold’s Health club has been the world’s trusted health authority for happening 55 years, and we're completely not going wherever,” Zeitsiff mentioned in a video message asserting the Monday chapter submitting.
Texas-based Gold’s doesn’t anticipate the restructuring to have an effect on its franchisees, who're liable for greater than 600 of its gyms within the US and internationally.
The coronavirus has proved a major bump within the street for Gold’s, whose authentic location in Venice, Calif., is called the “Mecca of Bodybuilding.”
The pandemic kneecapped the corporate after it posted its strongest 12 months of worldwide progress in 2019, it mentioned. Gold’s mentioned it was the primary nationwide gymnasium model to shut its roughly 95 corporate-owned areas to stem the unfold of the virus, and its franchisees have needed to observe swimsuit.
Gold’s plans to reopen gyms with social distancing and different security protocols in place as soon as native officers give the go-ahead, Zeitsiff mentioned. The corporate can also be providing free entry to video exercises so members can train at dwelling.
Gold’s filed for chapter the identical day as J.Crew, the long-lasting preppy retailer that has additionally shuttered its shops amid the pandemic.
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