Gold’s Gym has declared bankruptcy

[Erik Y]

The first of many, I’m sure. Just the other day was seeing people saying the potential damage to the fitness industry was overhyped. Gold’s didn’t have the best business practices, to be sure, but I’m much less surprised at this news than I would have been six months ago. Will be interesting to see the predicative power of some of the statements about this issue borne out over the next few months.

[Soule]

Rest in pieces, shitbags.

[Robert Santana]

Bankruptcy does not necessarily mean out of business. I'm sure they were due for this for a while now.

[Fulcrum]

I guess there's only like 30 Corporate Owned gyms.

The franchises (700), which is most of what you see in your local area, are unaffected by this 'bankruptcy' (so far).

Franchises Unaffected
Gold’s, which traces its roots back to 1965, began as a gym in Venice, California. It now operates more than 700 gyms around the world, according to its website. Through the bankruptcy process, the company will close about 30 company-owned gyms, mainly in the St. Louis, Alabama and Colorado Springs markets, it said. Gyms owned by franchisees won’t be affected by the restructuring, according to the company’s website.

[Soule]

No there are far more than 30 corporate gyms. They plan on closing 30 corporate gyms, out of hundreds

[Robert Santana]

They are going to renegotiate the debt, reduce the number of gyms, and operate with fewer liabilities. No better time to do it than now.

[Soule]

They are going to renegotiate the debt, reduce the number of gyms, and operate with fewer liabilities. No better time to do it than now.

Yep. Downsizing has been in the plans for a while now, I would bet.