I have been a Gold’s Gym member from 2012 to 2018. And this news saddens me. I shifted to another Gym due to my work schedule.
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 is from the official statement addressed by Gold’s Gym CEO Adam Zeitsiff.
The company permanently shuttered 30 company-owned locations in April leaving 63 corporate-operated gyms, USA Today reported. The majority of its 700 locations are franchised. “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.”
Here is the message from Gold’s Gym CEO Adam Zeitsiff.
Golds Gym in the Philippines are not impacted by this financial restructuring of GGI Holdings. During the Laging Handa public briefing, Trade Secretary Ramon Lopez said the government had to balance fitness gyms’ risks for COVID-19 transmission and its essentiality.
“Under the GCQ hindi muna [allowed] so high-risk kasi as we review the sectors to be opened, it is always finding the balance between transmission rate, potential transmission rate and essential nature of the business,” the Trade Secretary explained.
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