Gold's Gym significant event bankruptcy
2020 bankruptcy
On May 4, 2020, GGI Holdings, LLC (Gold's Gym) and 14 affiliated debtors filed Chapter 11 bankruptcy in the United States District Court for the Northern District of Texas. The debtors have requested joint administration of the cases under Case No. 20-31318. Like nearly all businesses, Gold's was required to temporarily close its US locations in March 2020 amid the COVID-19 pandemic. In April of the same year Gold's said that it would permanently close 30 of its locations. They said their filing for bankruptcy would only affect company-owned locations and set a reemergence goal for August 2020. The company owns about 10 percent of the nearly 700 worldwide locations.In August 2020, Gold's was acquired by Rainer Schaller's  RSG Group GmbH, which also owns the European McFit fitness chain.