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COVID-19 Spurs Gold’s Gym Bankruptcy Filing

GGI Holdings LLC, Dallas-headquartered parent company of Gold’s Gym, filed voluntary petitions for relief under Chapter 11 Monday in an effort to facilitate the financial restructuring of the company. The filing doesn’t affect the majority of the fitness chain’s nearly 700 locations, most of which are owned by franchisees.

“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,” the company said in a statement.

“We have been working with our landlords to ensure that the remaining company-owned gyms re-open stronger than ever coming out of this pandemic,” according to the statement. The company expects to emerge from Chapter 11 protection “by August 1, if not sooner.”

Pictured: A Gold’s Gym facility in Uptown Dallas.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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