Gold’s Gym Files for Bankruptcy Protection Due to the Coronavirus Pandemic

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Gold's Gym

Gold’s Gym has announced that it filed for Chapter 11 bankruptcy protection earlier this week. This news follows the company’s decision to permanently close about 30 of its company-owned gyms last month due to economic hardships caused by the COVID-19 outbreak. Most of the remaining Gold’s Gyms are still closed due to the pandemic.

The company said in a statement that it will continue to support the more than 700 gyms that it still operates worldwide. The statement went on to say, “While the COVID-19 pandemic certainly impacted our company-owned gym operations, we expect the filing will have no further impact on current operations.”

Gold’s Gym expects to emerge from bankruptcy by August 1, “if not sooner.”

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Comments 5

  1. Brandi

    This is all so sad 🙁

  2. Silva

    Heartbreaking for all those employees at Gold Gym and souplantation which is closing all restaurants.

    • Melissa MM

      I’m afraid that the list of businesses going out of business or filing for bankruptcy is going to get very long in the near future. If national chains with all their name recognition are having trouble surviving, what about all the local small businesses out there? Very sad.

  3. Donna

    Our Soup Plantation has been closed for years. Only here it was called “Sweet Tomatoes”
    I still miss it (sigh).

  4. desiree

    Not to minimize the effect of the pandemic, but this particular company has been going through financial straits for quite a while now. This would not surprise me regardless of the current global situation.

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