Gold's Gym Announces Bankruptcy Filing After Closing 30 Gyms Last Month

One month after announcing the permanent closures of 30 locations, Gold's Gym announced the company has filed for Chapter 11 bankruptcy protection. Gold's blamed the global coronavirus pandemic for their decision, but said that they have no plans to close any of the other 700 gyms they own around the world.

"The company will be seeking court approval to continue paying suppliers, vendors, and employees in the ordinary course on a go-forward basis," the company said. "No single factor has caused more harm to our business than the current COVID-19 global pandemic."

Gold's hopes to emerge from bankruptcy in August as a stronger company.

While gyms have been hit hard by the forced closures, many people seemed ready to work out in states where the lockdowns have been lifted. In Missouri, Yahoo! Sports reporter Nick Bromberg said that his local gym was packed when he went in the middle of the afternoon on the first day that gyms were allowed to reopen. While the self-described "gymrat" was eager to start lifting weights again, he said his experience was stressful as he worried about contracting COVID-19.

"The rewards of getting a great workout are too numerous to list and more easily achievable at a gym thanks to the wide array of equipment available. But the risks still seem too high, even if my state is willing to allow them and I’m armed with my bleach bottle," he wrote.

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