Gold’s Gym file for Chapter 11 Bankruptcy Protection
GGI Holdings, LLC and its affiliates Gold’s Gym filed for relief under Chapter 11 in an effort to facilitate the financial restructuring of the company.
CEO Adam Zeitsiff said the filing will ensure the company’s viability for decades.
The chain listed assets and liabilities of between $50 million and $100 million, according to its Chapter 11 petition filed in the U.S. Bankruptcy Court in Dallas. The company has furloughed most of its 4,600 employees in response to the crisis, per court papers.
“Our focus is and always will be on our members around the world, and we look forward to welcoming them back as soon as it is safe for our members, team members and communities,” Zeitsiff said. “Gold’s Gym has been the world’s trusted fitness authority for more than 50 years, and we’re a...