Founded in 1965 in Venice, California, USA, Gold's Gym, which was hit hard by the economic shutdown due to the Corona Pandemic, filed for bankruptcy under Chapter 11 on May 4, 2020 to allow the financial restructuring of the company.
In mid-May, Gold's Gym presented a pre-negotiated plan from its majority shareholder, TRT Holdings Inc. After extensive negotiations with TRT Holdings and its creditors, Gold's Gym announced in late May that there would be a court-approved auction process with a total of three bidders participating.
At the close of the auction, Gold's Gym announced yesterday that RSG Group won the auction. The acquisition of the all-inclusive brand rights and assets for a negotiated purchase price of $100 million - subject to final approval by the Insolvency Court on July 24, 2020. With the acquisition of Gold's Gym, RSG Group secures ownership of 61 company-owned and more than 600 franchise operated studios and pays all existing debt.
"For me personally, Gold's Gym is an example of the bedrock of the fitness industry that has played a major role in the development of the industry. In 1997, it played a major role as a source of inspiration in the creation of my first McFIT studio in Würzburg", says Rainer Schaller (51), founder and CEO of the RSG Group. "I am incredibly proud that together with the current management team we will continue to let the Gold's Gym brand live on and inspire in the future under the umbrella of the RSG Group".
Source: RSG Group
Picture: RSG Group