We all know that businesses across the world are getting affected because of the outbreak of the novel coronavirus and gyms are among the worst-hit industries right now as they were the first ones to get shut and most likely to open in last.
Talking about GYMS, Gold’s Gym is one of the most popular names that come to our mind and sadly it has filed for bankruptcy even after operating 50 continues years successfully. As per the reports, Gold’s gym has filed for Chapter 11, named after the US Bankruptcy Code 11, which gives organizations time to restructure their debts and plan to stay in business.
Gold Gym currently operates more than 700 gyms around the world and will close around 30 company-owned gyms through the bankruptcy process. Also, the gyms run by franchisees won’t be impacted by the restructuring. Although it has been cleared that this whole bankruptcy wont affect the firm’s business in India.
“I would like to personally reassure you that this absolutely does not have any impact on Gold’s Gym India as a Master Franchise and we are committed to giving you the best fitness experience as we have for the last 17 years and counting,”
said Karan Valecha, Director and Co-Founder, Gold’s Gym India.