Gold’s Gym Files for Bankruptcy After Closing 3 Colorado Locations

On May 4, GGI Holdings, LLC and its affiliates (“Gold’s Gym”) filed for Chapter 11 bankruptcy to financially restructure the company.

After permanently closing 30 company-owned locations, including the 3 Colorado Springs gyms, the company still had to file for bankruptcy.

GGI Holdings intends to "be on the other side of Chapter 11 by August 1, if not sooner".

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.

Gold's Gym Press Release

The press release hoped to clear up that the filing is not associated with any locally-owned franchise gym.

As part of the company’s typical “first-day” restructuring requests, the company will be seeking court approval to continue paying suppliers, vendors, and employees in the ordinary course on a go-forward basis.

Gold's Gym Press Release

GGI Holdings also released a video:

Source: GGI Holdings (Gold's Gym)