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Gold’s Gym To Be Acquired By German Fitness Group For $100 million

danieltx

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https://www.msn.com/en-us/money/com...ired-by-german-fitness-group-for-100-million/

Dallas-based Gold’s Gym is set to be acquired by German fitness company RSG Group for an estimated $100 million, according to a release.

Amid the economic pressure of pandemic lockdowns, the fitness chain filed for Chapter 11 bankruptcy protection May 4 in order to restructure its debt and close locations. Gold’s will emerge from bankruptcy with 61 company-owned gyms and more than 600 franchise-owned locations, according to RSG Group.

The sale is subject to final approval by the bankruptcy court on July 24.

“Gold’s Gym is a fitness institution that had a major influence on the industry’s development. It was a huge source of inspiration when I was setting up my first McFIT studio in Würzburg, Germany back in 1997,” RSG Group founder and CEO Rainer Schaller said in a statement.

“I am incredibly proud that, in partnership with their current leadership team, we will be able to breathe new life into this iconic brand under the umbrella of the RSG Group.”

Billionaire Robert Rowling’s private holding company TRT Holdings, Inc. has owned the Gold’s Gym since 2004 when it purchased it for $158 million. The holding company explored a possible sale of the gym in summer 2018. It subsequently called off the sale and named a new CEO, Adam Zeitsiff, saying it would reinvest in the fitness chain.
The irony at the name of Gold's Gyms' holding company.
 

maldorf

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Well, thats good news I would say..i figured they were finished for good. That German company has some balls to do it. Bold move.
 

Kaladryn

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McFit is the name of the euro gym chain, they basically have the exact same 24hour business model (which is a copy of Bally's business model FYI). The name is hilarious because 24hour fitness I literally the Mcdonald's of gyms.
 

MightyJohn

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They picked it up for a STEAL...and at the right time
 

hawkmoon

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Is Gold's Gym in other countries as a separate entity?

They exist here in Japan separately (Like 7/11) and are financially fine.
Just wondering if they exist in Europe, seeing as this is a German company purchasing.
 

madg

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Is Gold's Gym in other countries as a separate entity?

They exist here in Japan separately (Like 7/11) and are financially fine.
Just wondering if they exist in Europe, seeing as this is a German company purchasing.
I never seen golds in eu and i been in many countries cause of my work hawk
 

Turkishexpress

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This is very good news. I worked for Gold's Gym Corporate for nearly ten years and had the title of working more positions in the company than anyone else at the time. Left them around 2011. TRT, the previous owners, really screwed up the brand. TRT also owns the Omni hotel group and their maind business a gas/oil company where they made most of their money. The owner of TRT had bought the brand for his son as a pet project according to rumors. First they wanted to make all the locations corporate so they pretty much told the franchisees to screw off and went on a buying spree of other gyms. They overextended themselves and many of the people with tenure like myself left due to constant changes to our comp plans. Back when I started with the company, GM's made six figures and it was impossible to get a GM position. The culture was great and business was amazing. By the time I left, they were having to change GMs every couple of months hiring young kids that didn't know much about sales, PT, SGT and how to scale a business. The business had failed to keep up with changes in the industry and the movement towards HVLC model. Honestly they knew nothing about running a gym business and the hires they made to key positions reflected it. Once they realized what a horrible idea it was to alienate franchises about 4-5 years ago it was too late. They went through multiple CEOs during that time. Majority of them absolute shit. One guy was so egotistical, he sent every gym a framed copy of Fitness Industry magazine with his picture on the cover. He was fired a month later. So in summary TRT shrunk the global reach of the brand significantly and lost all of their key players. They paid a lot more than 100 mil to purchase the brand in the first place. Glad they're out and ze Germans have control.
 

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