Gold's Gym files for bankruptcy
Gold's Gym announced on Monday it has filed for Chapter 11 bankruptcy protection, one month after it permanently shuttered more than two dozen gyms.
"No single factor has caused more harm to our business than the current COVID-19 pandemic," the company said. Worldwide, Gold's Gym operates more than 700 gyms, and said it had to close about 30 locations in April in order to "maintain the strength and growth of the potential of the brand as well as ensure the continued viability of the company for decades to come."
The company plans to emerge from bankruptcy by August, CBS News reports, and will seek court approval to keep paying employees, vendors, and suppliers.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Catherine Garcia is night editor for TheWeek.com. Her writing and reporting has appeared in Entertainment Weekly and EW.com, The New York Times, The Book of Jezebel, and other publications. A Southern California native, Catherine is a graduate of the University of Redlands and the Columbia University Graduate School of Journalism.
-
The issue of women and conscription
Under the radar Ukraine military adviser hints at widening draft to women, as other countries weigh defence options amid global insecurity
By Harriet Marsden, The Week UK Published
-
AI is causing concern among the LGBTQ community
In the Spotlight One critic believes that AI will 'always fail LGBTQ people'
By Justin Klawans, The Week US Published
-
'Modern presidents exercise power undreamed of by the Founding Fathers'
Instant Opinion Opinion, comment and editorials of the day
By Harold Maass, The Week US Published
-
Empty-nest boomers aren't selling their big homes
Speed Read Most Americans 60 and older do not intend to move, according to a recent survey
By Peter Weber, The Week US Published
-
Brazil accuses Musk of 'disinformation campaign'
Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
By Rafi Schwartz, The Week US Published
-
Disney board fends off Peltz infiltration bid
Speed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
By Rafi Schwartz, The Week US Published
-
Disney and DeSantis reach detente
Speed Read The Florida governor and Disney settle a yearslong litigation over control of the tourism district
By Peter Weber, The Week US Published
-
Visa and Mastercard agree to lower swipe fees
Speed Read The companies will cap the fees they charge businesses when customers use their credit cards
By Peter Weber, The Week US Published
-
Reddit IPO values social media site at $6.4 billion
Speed Read The company makes its public debut on the New York Stock Exchange
By Peter Weber, The Week US Published
-
Housing costs: the root of US economic malaise?
speed read Many voters are troubled by the housing affordability crisis
By Peter Weber, The Week US Published
-
Feds cap credit card late fees at $8
speed read The Consumer Financial Protection Bureau finalized a rule to save households an estimated $10 billion a year
By Peter Weber, The Week US Published