GET HCM
magazine
Sign up for the FREE digital edition of HCM magazine and also get the HCM ezine and breaking news email alerts.
Not right now, thanksclose this window
Les Mills
Les Mills
Les Mills
Health Club Management

Health Club Management

Follow Health Club Management on Twitter Like Health Club Management on Facebook Join the discussion with Health Club Management on LinkedIn Follow Health Club Management on Instagram
UNITING THE WORLD OF FITNESS
Get the latest news, jobs and features in your inbox
Health Club Management

Health Club Management

News

Gold's Gym files for bankruptcy protection

Franchised fitness giant Gold's Gym has filed for Chapter 11 bankruptcy protection, as it struggles with the impact of coronavirus lockdowns.

In a statement, CEO Adam Zeitsiff said that the move was part of a restructuring process which would see at least 30 company-owned gyms close permanently.

He added, however, that the action would not mean the end of the business, saying that the company was "absolutely not going anywhere" and that it planned to emerge from bankruptcy protection within three months.

"This pre-negotiated filing will enable us to emerge stronger and ready to grow, and it is our intent to be on the other side of Chapter 11 by 1 August 2020, if not sooner," Zeitsiff said.

"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.

"We have been working with our landlords to ensure that the remaining company-owned gyms reopen stronger than ever coming out of this pandemic."

The franchised businesses will not be affected by the move, either.

"To be clear, the filing should not impact our licensing division, it is not associated with any of our locally-owned franchise gyms and nor will it prevent us from continuing to support our system of nearly 700 gyms around the world," Zeitsiff added.

The news comes just months after Gold's Gym revealed record growth in the business.

In January, the company said it had completed 22 US franchise agreements and a total of 35 new openings worldwide during 2019 – the most in a single year in its history.

The company's growth during the year focused on emerging markets, with nine new sites opening in Japan, eight in India, five in Saudi Arabia and four in Egypt.

It also secured new international master license agreements for Iraq (five clubs), Australia (30 clubs) and New Zealand (10 clubs).

Also throughout 2019, the company worked to consolidate and optimise brand ownership through franchisee acquisition of company-owned clubs.

Gold's Gym was founded by Joe Gold in 1965.

Chapter 11 protection has not been available to UK businesses up until now, however, the COVID-19 pandemic has led the UK government to introduce an option that's being called Light Touch Administration, where the management of a company continues to run the operation during the administration process.

Sign up here to get HCM's weekly ezine and every issue of HCM magazine free on digital.
Franchised fitness giant Gold's Gym has filed for Chapter 11 bankruptcy protection, as it struggles with the impact of coronavirus lockdowns.
HAF,FIT,IND,PTS
2020/THUMB345435_259327_243734.jpg
Latest News
HCM editor, Liz Terry, has launched a Parliamentary Petition calling for gyms to be in ...
Latest News
The failure to tackle the UK's obesity crisis is down to successive governments being guilty ...
Latest News
Les Mills has launched a new digital content solution to support health and fitness operators ...
Latest News
Gymbox has entered the hospitality space with the signing of a deal to deliver in-room ...
Latest News
Nuffield Health has launched a series of free, online classes focused on emotional wellbeing. The ...
Latest News
Resistance training is just as beneficial for men and women over the age of 50, ...
Latest News
Fitness, sport and leisure sector professionals who have continued to deliver services to their communities ...
Latest News
A national survey has launched to chart the mental health of the fitness and physical ...
HCM Magazine
Sponsored
Technogym introduced live and on-demand functionality to Mywellness in July. Here we find out more about operators who have adopted this solution
HCM Magazine
Research
Regular sessions of new-generation yoga can help tackle the lockdown blues, increase sleep quality and boost mental health
HCM Magazine
Promotion
Wattbike AtomX leads the future of indoor cycling, says Richard Baker
HCM Magazine
Profile
The chair of énergie and vice chair of BMF talks to Kate Cracknell about creating an omnichannel approach that brings together indoor, outdoor, online and VR
HCM Magazine
Interview
Smart clubs, a deal with 1Rebel and a collaboration with Amazon. The co-founder and CEO of Saudi Arabia’s Armah Sports talks to Kate Cracknell
HCM Magazine
Sponsored
Andy Hall, COO of data and tech solutions brand, Volution, looks at the trends we can expect to see emerging in the global fitness market in 2021
HCM Magazine
Sponsored
Venueserve Fitness enables clubs to offer white-label content streaming to optimise capacity and member engagement
HCM Magazine
HCM magazine
This was a year when research helped transformed the gym sector into a serious political force. Two pieces of work stand out in terms of timely impact
HCM magazine
High quality user experience and good value for the operator. This is the winning formula behind an expanding Physical Company product range, says James Anderson
HCM magazine
Nu Physio and Fitness has placed Egym at the heart of its protection and prevention model
FREE WEBINAR
promotion
This free webinar on 26 January will see our panellists reflect on the changes to work in 2020, and their priorities for 2021.
Opinion: 2021 is the year to prioritise global culture
Featured supplier news
Featured supplier: Primal Strength bolsters Scottish expansion with Matrix Fitness distribution win
Matrix Fitness has announced an exclusive partnership with Primal Strength to target an increased strategic focus on the Scottish market.
Featured supplier news
Featured supplier: Cryotherapy specialists, L&R Kältetechnik, launch new artofcryo.com division
L&R Kältetechnik has launched a new division, named artofcryo.com, after 30 years’ experience with -110 °C electrical solutions.
Company profiles
Company profile: Healthcheck Services Ltd
Here at Healthcheck Services, we want to empower you, your clients & your staff to ...
Company profiles
Company profile: MoveGB
Move is the fitness marketplace connecting our partners with customers through the largest variety of ...
Supplier Showcases
Supplier showcase - Powering through
Catalogue Gallery
Click on a catalogue to view it online
Directory
Spa software
SpaBooker: Spa software
Management software
Premier Software Solutions: Management software
Member feedback software
AskNicely: Member feedback software
Exercise equipment
Pendex Fisio S.L.: Exercise equipment
Red Light Therapy
 Red Light Rising: Red Light Therapy
Lockers/interior design
Safe Space Lockers Ltd: Lockers/interior design
Wearable technology solutions
MyZone: Wearable technology solutions
Independent service & maintenance
Servicesport UK Limited: Independent service & maintenance
Hydrotherapy / spa fragrances
Kemitron GmbH: Hydrotherapy / spa fragrances
Trade associations
International SPA Association - iSPA: Trade associations
Property & Tenders
11 - 25 Union St, London SE1 1SD
Bankside Open Spaces Trust
Property & Tenders
Waltham Abbey, Essex
Lee Valley Regional Park Authority
Property & Tenders
Diary dates
02-04 Feb 2021
Ericsson Exhibition Hall, Ricoh Arena, Coventry, United Kingdom
Diary dates
23-26 Feb 2021
IFEMA, Madrid, Spain
Diary dates
03-04 Mar 2021
NEC, Birmingham, United Kingdom
Diary dates
03-06 Jun 2021
Expo Centre & Riviera di Rimini, Italy
Diary dates
16-17 Jun 2021
ExCeL London, London, United Kingdom
Diary dates
21-24 Sep 2021
Messe Stuttgart, Germany
Diary dates
01-07 Dec 2022
tbc, Dunedin, New Zealand
Diary dates

News

Gold's Gym files for bankruptcy protection

Franchised fitness giant Gold's Gym has filed for Chapter 11 bankruptcy protection, as it struggles with the impact of coronavirus lockdowns.

In a statement, CEO Adam Zeitsiff said that the move was part of a restructuring process which would see at least 30 company-owned gyms close permanently.

He added, however, that the action would not mean the end of the business, saying that the company was "absolutely not going anywhere" and that it planned to emerge from bankruptcy protection within three months.

"This pre-negotiated filing will enable us to emerge stronger and ready to grow, and it is our intent to be on the other side of Chapter 11 by 1 August 2020, if not sooner," Zeitsiff said.

"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.

"We have been working with our landlords to ensure that the remaining company-owned gyms reopen stronger than ever coming out of this pandemic."

The franchised businesses will not be affected by the move, either.

"To be clear, the filing should not impact our licensing division, it is not associated with any of our locally-owned franchise gyms and nor will it prevent us from continuing to support our system of nearly 700 gyms around the world," Zeitsiff added.

The news comes just months after Gold's Gym revealed record growth in the business.

In January, the company said it had completed 22 US franchise agreements and a total of 35 new openings worldwide during 2019 – the most in a single year in its history.

The company's growth during the year focused on emerging markets, with nine new sites opening in Japan, eight in India, five in Saudi Arabia and four in Egypt.

It also secured new international master license agreements for Iraq (five clubs), Australia (30 clubs) and New Zealand (10 clubs).

Also throughout 2019, the company worked to consolidate and optimise brand ownership through franchisee acquisition of company-owned clubs.

Gold's Gym was founded by Joe Gold in 1965.

Chapter 11 protection has not been available to UK businesses up until now, however, the COVID-19 pandemic has led the UK government to introduce an option that's being called Light Touch Administration, where the management of a company continues to run the operation during the administration process.

Sign up here to get HCM's weekly ezine and every issue of HCM magazine free on digital.
Franchised fitness giant Gold's Gym has filed for Chapter 11 bankruptcy protection, as it struggles with the impact of coronavirus lockdowns.
HAF,FIT,IND,PTS
2020/THUMB345435_259327_243734.jpg

News

HCM editor, Liz Terry, has launched a Parliamentary Petition calling for gyms to be in
The failure to tackle the UK's obesity crisis is down to successive governments being guilty
Les Mills has launched a new digital content solution to support health and fitness operators
Gymbox has entered the hospitality space with the signing of a deal to deliver in-room
Nuffield Health has launched a series of free, online classes focused on emotional wellbeing. The
Resistance training is just as beneficial for men and women over the age of 50,
fibodo Limited
fibodo Limited
Maintaining a consistent member experience across a growing health and fitness brand can prove challenging.
Fitness, sport and leisure sector professionals who have continued to deliver services to their communities
A national survey has launched to chart the mental health of the fitness and physical
One of England's highest ranking police officers has called on government ministers to clearly define
Virtuagym, a leading provider of fitness technology for gyms and trainers, has announced the launch
Fitness First has launched a new free digital fitness hub, offering users a wide range
The Gym Group has brought in Rio Ferdinand and Wais Shaifta as non-executive directors, signalling
Volution.fit
Volution.fit
Heading into 2021, storytelling will be a key trend among fitness content creators and connected
As the global vaccine rollout brings reopening closer and heralds the end of lockdowns, jostling
Less than half (44.9 per cent) of children and young people in England met the
An England-wide survey of over 5,000 adults found that 80 per cent of people aged
The government needs to provide the fitness and physical activity sector with a plan which
Book4Time, a leading cloud-based business management solution for the global hospitality, spa and wellness industry,
Some Brits drop their exercise habits, eat unhealthily and drink more alcohol during lockdowns, according
MyZone Group Ltd
MyZone Group Ltd
Core Health & Fitness is proud to have signed an exclusive supplier agreement for the
New year, new celeb workout as Mark ‘Bez’ Berry announces the launch of his own
Frasers Group will open three new regional flagship Flannels-branded retail stores during 2021 – each
Miha Bodytec GmbH
Miha Bodytec GmbH
1 - 20 of 11,753
HCM Magazine
Sponsored
Technogym introduced live and on-demand functionality to Mywellness in July. Here we find out more about operators who have adopted this solution
HCM Magazine
Research
Regular sessions of new-generation yoga can help tackle the lockdown blues, increase sleep quality and boost mental health
HCM Magazine
Promotion
Wattbike AtomX leads the future of indoor cycling, says Richard Baker
HCM Magazine
Profile
The chair of énergie and vice chair of BMF talks to Kate Cracknell about creating an omnichannel approach that brings together indoor, outdoor, online and VR
HCM Magazine
Interview
Smart clubs, a deal with 1Rebel and a collaboration with Amazon. The co-founder and CEO of Saudi Arabia’s Armah Sports talks to Kate Cracknell
HCM Magazine
Sponsored
Andy Hall, COO of data and tech solutions brand, Volution, looks at the trends we can expect to see emerging in the global fitness market in 2021
HCM Magazine
Sponsored
Venueserve Fitness enables clubs to offer white-label content streaming to optimise capacity and member engagement
HCM Magazine
HCM magazine
This was a year when research helped transformed the gym sector into a serious political force. Two pieces of work stand out in terms of timely impact
HCM magazine
High quality user experience and good value for the operator. This is the winning formula behind an expanding Physical Company product range, says James Anderson
HCM magazine
Nu Physio and Fitness has placed Egym at the heart of its protection and prevention model
HCM magazine
How Virtuagym and Thebodycontent created an ecosystem of fitness within a small community
HCM magazine
We’ve stepped off the path this month to bring you a special 2020 review edition of HCM and to propose emerging priorities going forward, as we gird our loins to tackle 2021
HCM magazine
Our road map is to manage leisure facilities, developing them into community hubs and ensuring the most in need get the most support
HCM magazine
With many older people in crisis due to the pandemic, ukactive’s head of health and wellbeing development, Kenny Butler, explains why the organisation is launching an active ageing consultation and how you can get involved
HCM magazine
New research from the Karolinska Institutet in Sweden, has established why people who exercise when suffering from cancer generally have better outcomes
HCM magazine
The science shows being fit mitigates against COVID-19. We’ve proven we can operate safely under the SAGE COVID-secure Framework. Time to join it up by securing essential service status
HCM magazine
FREE WEBINAR
promotion
This free webinar on 26 January will see our panellists reflect on the changes to work in 2020, and their priorities for 2021.
Opinion: 2021 is the year to prioritise global culture
Featured supplier news
Featured supplier: Primal Strength bolsters Scottish expansion with Matrix Fitness distribution win
Matrix Fitness has announced an exclusive partnership with Primal Strength to target an increased strategic focus on the Scottish market.
Featured supplier news
Featured supplier: Cryotherapy specialists, L&R Kältetechnik, launch new artofcryo.com division
L&R Kältetechnik has launched a new division, named artofcryo.com, after 30 years’ experience with -110 °C electrical solutions.
Company profiles
Company profile: Healthcheck Services Ltd
Here at Healthcheck Services, we want to empower you, your clients & your staff to ...
Company profiles
Company profile: MoveGB
Move is the fitness marketplace connecting our partners with customers through the largest variety of ...
Supplier Showcases
Supplier showcase - Powering through
Catalogue Gallery
Click on a catalogue to view it online
Directory
Spa software
SpaBooker: Spa software
Management software
Premier Software Solutions: Management software
Member feedback software
AskNicely: Member feedback software
Exercise equipment
Pendex Fisio S.L.: Exercise equipment
Red Light Therapy
 Red Light Rising: Red Light Therapy
Lockers/interior design
Safe Space Lockers Ltd: Lockers/interior design
Wearable technology solutions
MyZone: Wearable technology solutions
Independent service & maintenance
Servicesport UK Limited: Independent service & maintenance
Hydrotherapy / spa fragrances
Kemitron GmbH: Hydrotherapy / spa fragrances
Trade associations
International SPA Association - iSPA: Trade associations
Property & Tenders
11 - 25 Union St, London SE1 1SD
Bankside Open Spaces Trust
Property & Tenders
Waltham Abbey, Essex
Lee Valley Regional Park Authority
Property & Tenders
Diary dates
02-04 Feb 2021
Ericsson Exhibition Hall, Ricoh Arena, Coventry, United Kingdom
Diary dates
23-26 Feb 2021
IFEMA, Madrid, Spain
Diary dates
03-04 Mar 2021
NEC, Birmingham, United Kingdom
Diary dates
03-06 Jun 2021
Expo Centre & Riviera di Rimini, Italy
Diary dates
16-17 Jun 2021
ExCeL London, London, United Kingdom
Diary dates
21-24 Sep 2021
Messe Stuttgart, Germany
Diary dates
01-07 Dec 2022
tbc, Dunedin, New Zealand
Diary dates
Search news, features & products:
Find a supplier:
Les Mills
Les Mills