The irony at the name of Gold's Gyms' holding company.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.