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.

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