Gold’s Gym files for bankruptcy due to coronavirus pandemic

Beatrice Go
Gold’s Gym files for bankruptcy due to coronavirus pandemic
Gold's Gym Philippines will not be affected by the US fitness company's financial restructuring

MANILA, Philippines – Gold’s Gym (GGI Holdings, LLC) filed for bankruptcy protection due to the economic effects of the coronavirus pandemic. 

The global gym brand, though, explained to the public that it is not going out of business, but it will use the financial relief it will receive to restructure the company. 

“First off, I want to reassure everyone who is watching this video around the world that we are not going out of business. Gold’s Gym has been the world’s trusted fitness authority for going on 55 years and we are absolutely not going anywhere,” said Gold’s Gym president and CEO Adam Zeitsiff. 

Gold’s Gym permanently closed 30 of its branches in the US, mainly the St. Louis, Alabama and Colorado Springs markets, and emphasized its domestic and local franchises will not be affected.

The franchise in the Philippines will not be affected by restructuring, but the gyms will remain closed even during the general community quarantine.  

 

 

 

With the temporary closure of more than 700 gyms across the world due to the social distancing protocols brought about by the coronavirus pandemic, the company will continue to help its franchisees safely reopen. 

Gold’s Gym continues to follow the local and state guidelines of public health officials before resuming regular operations. 

In the meantime, the fitness authority offers free at-home fitness options, including a mobile app, in order for both members and non-members to stay fit while the gyms are closed. 

The company promises to take care and extend help to its employees in the US because of the deadly virus. 

“We will continue to provide wages, healthcare coverage, vacation and other benefits to team members in our company-owned gyms and global support center. Our goal is to bring back available furloughed employees as company-owned gyms re-open,” stated Gold’s Gym. 

Earlier, Gold’s Gym Philippines president and CEO Mylene Dayrit believes that fitness studios and gyms should reopen with social distancing protocols during the GCQ period. 

As we prepare for a new normal, regular exercise should be included in a person’s regimen to boost his immunity further alongside proper nutrition, sufficient rest and hydration,” Dayrit said in a statement.

The 26 Gold’s Gym branches in the Philippines have been temporarily closed since the start of the lockdown on March 15. – Rappler.com 

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Beatrice Go

More commonly known as Bee, Beatrice Go is a multimedia sports reporter for Rappler, who covers Philippine sports governance, national teams, football, and the UAAP. Stay tuned for her news and features on Philippine sports and videos like the Rappler Athlete’s Corner and Rappler Sports Timeout.