CHAPTER 11 RESTRUCTURING
On May 4, 2020, GGI Holdings, LLC and its affiliates (“Gold’s Gym”) filed voluntary petitions for relief under Chapter 11 in an effort to facilitate the financial restructuring of the company. 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 August 1, 2020, if not sooner.
To be clear, the filing should not impact our licensing division, it is not associated with any of our locally-owned franchise gyms, nor will it prevent us from continuing to support our system of nearly 700 gyms around the world.
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. Gold’s Gym has been the world’s trusted fitness authority for more than 50 years, and we’re absolutely not going anywhere.
Throughout this process, Gold’s Gym is continuing to:
Re-open our temporarily closed gyms in accordance with state, local and federal guidelines;
Focus on the health and safety of our members and team members around the world;
Provide team members wages, healthcare coverage, vacation and other benefits;
Provide the highest level of support and guidance to our global franchise network;
Support our numerous brand licensees around the world;
Pay suppliers and vendors in the ordinary course on a go-forward basis;
Focus on innovation, including finding even more ways to serve you inside and outside the walls of our gyms.