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Golds Gym Closing Locations

yep this will happen across the whole economy not just gyms, it does not take long for a business to go under
 
Gyms should be essential services. You can't avoid viruses like covid-19, the only strategy that works is to make yourself as healthy as possible.
Amen brother. They, the government, are so concerned about public health one of their ways to improve it is by closing down the places people go to get and stay healthy. I can't be around 25-30 people in my gym in the evening. But I can be around 963 people in the Wal-Mart Supercenters. Yes 963 people is how many are let inside at once based on 5 people per thousand square ft. Real logical isn't it. :rolleyes:
 
Sad times for all business. These big box gyms closing is especially scary because that means the smaller ones are in eminent danger. I used to run 5 locations of a franchise and I know they won’t survive this. We never had an emergency fund, the smaller club style gyms are not big money makers.
 
24 Hour Fitness sent this email to members last night:

Dear Member,

I hope that you and your families are healthy and safe and finding a way to stay active during this unprecedented time. We are pleased to see so many of you on our 24GO® app, 24GO® LIVE and other virtual fitness options. Good health and fitness are more important than ever, and we are trying to do our part to help you maintain your exercise and workout goals from home.

You may have seen news reports about federal and state authorities planning for the reopening of America. At 24 Hour Fitness, we look forward to reopening clubs as soon as it is safe to do so. We have a dedicated team here at 24 Hour Fitness who have been working for weeks developing our plans to reopen clubs in order to create a safe and welcoming environment for you to feel comfortable and enjoy your workout.

As we prepare for this moment, we are reimagining the club experience from touch-free club check-in through the 24GO app, as well as social distancing throughout the club with space between equipment and between individuals in group fitness classes. We will share more details with you in the near future and look forward to seeing you in our clubs. Please rest assured we will carefully open clubs in accordance with public health guidelines and in a manner that safeguards the health and well-being of our members and team.

You may also have seen news reports about the challenges facing the fitness industry and clubs, including 24 Hour Fitness. I expect there will be continued coverage and speculation about the actions we will take to continue operations. Regardless of any near-term challenges faced by 24 Hour Fitness and the fitness industry generally, I remain confident that we will reemerge stronger and better for the long term. Like many companies, we are looking at a number of different opportunities to work with our partners to improve and enhance value.

We look forward to providing updates about our club reopening plans in the coming weeks. You can visit 24hourfitness.com for the latest information.

We also wanted to take this opportunity to reaffirm that all member billings, including billings for any additional services and fees, have been suspended. Billings will not be reinstated until such time as clubs are able to reopen to members.

Many of you have been with 24 Hour Fitness for decades, and we remain grateful to you for your loyalty and patience.

Please stay healthy and safe.

All my best,

Tony Ueber, CEO

Based on the bold paragraph, bankruptcy seems certain, though it looks like they plan to continue operating with a smaller footprint.

This article was published yesterday with details on 24's financials - https://www.clubindustry.com/commer...-sports-reportedly-seeking-financial-remedies
 
I think most of the Golds that have closed during the past 15 years or so have been franchises. I used to belong to one and the owner dropped the Gold's name/franchise and named his gym something else. Keeping it all under your name avoids having to pay high fees to Golds. Eventually the owner just closed all his gyms completely. I think places like Planet Fitness put him out of business.

This franchise fees for Golds are ridiculously high and that has been putting a lot of the locations out of business. Look at all of the other franchises that are growing(before covid) like Blink and Planet Fitness and Golds are closing. If Golds hasn't been able to figure this out over the past few years they obviously wont in the future.
 
This franchise fees for Golds are ridiculously high and that has been putting a lot of the locations out of business. Look at all of the other franchises that are growing(before covid) like Blink and Planet Fitness and Golds are closing. If Golds hasn't been able to figure this out over the past few years they obviously wont in the future.
I didn't know planet fitness was fanchiseable. I wonder what the ratio of corporate to franchise gyms is?
 
I didn't know planet fitness was fanchiseable. I wonder what the ratio of corporate to franchise gyms is?

Yes you can see that info here: https://www.planetfitness.com/franchising/become-a-franchisee

Planet Fitness's franchise fee is $10,000 for a 10-year renewable agreement, though the total investment ranges from $700,000 to $3.8 Million. Franchisees must also pay a 5% ongoing royalty fee on all sales to Planet Fitness. To open a gym, a franchisee must have of $3 million with $1,500,000 in liquid assets.
 
Yes you can see that info here: https://www.planetfitness.com/franchising/become-a-franchisee

Planet Fitness's franchise fee is $10,000 for a 10-year renewable agreement, though the total investment ranges from $700,000 to $3.8 Million. Franchisees must also pay a 5% ongoing royalty fee on all sales to Planet Fitness. To open a gym, a franchisee must have of $3 million with $1,500,000 in liquid assets.
I looked up Gold's and couldn't find what the ongoing royalty fee is. I did see $9500 somewhere, which must be the agreement they sign. Someone said that they have a higher fee than others. so id assume that the percentage is higher that 5%.

**broken link removed**
 
Wonder what they are doing with their equipment? Any idea?

It depends on the conditions. If there is no one willing to take over the location completely, an auctioneer may unload the equipment by lots.
 
It’s very hard to make money in the gym business now. With giant loan payments for all the equipment, staff to pay, and the huge air conditioning and heating bills, it’s a wonder any gyms survive.
That’s why they’ve all dropped their membership prices so much.

Anyone remember when $40-$50 a month was the standard “cheap” monthly rate, back in the 80s and 90s? Now they’re down to $10 a month?

The big chains bank on having 10X as many members as active users. They NEED an army of members who never show up.

The small chains learn this the hard way and you’ll notice that once they get to around 10-30 locations, they’re sold to another chain. This is how LA Fitness and 24-Hour survive. They’re constantly forced to buy out dumb local competitors to get their members. They even make deals with each other where LA Fitness will trade all their gyms in one part of the country to 24-Hour Fitness for all if 24-Hour Fitness’s locations in another part.

The smart operators now go into business specifically to put the squeeze on one of these big two chains, forcing them to buy them out. They’ll borrow a fortune and build 10 gyms in a metro area and then hype the hell out of their cheap memberships and personal training. If they can survive long enough to put LA’s or 24’s competing locations in the red long enough, they get to cash in by a buy-out. Their gyms essentially“fail” and close up, but the owners get all their debt paid off and walk away with a few million bucks.

A bunch of these places will close. Most of the little chains, for sure. And when they go. The LAs amd 24s will be able to close locations that are too close together. They’ll consolidate.

Then, little by little it will go right back to how it was.
 
I remember there was a Gold's at the time in Wilmington, NC. One of three I believe. They didn't make money on the memberships but made a killing on the smoothie/protein bar. I swear that blender never stopped and their cooler with energy drinks was always being refilled.
 
The gym i am a member of has an option to pay extra and get a digital key for 24 hour access. Another add on is tanning and of course personal training. He's also got a chiropractor, massage therapist, and physical therapist there. That's a good way to survive. The gym has a full size indoor pool too.
 
I remember there was a Gold's at the time in Wilmington, NC. One of three I believe. They didn't make money on the memberships but made a killing on the smoothie/protein bar. I swear that blender never stopped and their cooler with energy drinks was always being refilled.

Queefer trained and personally trained at the these Gold's.
 
https://www.businessinsider.com/golds-gym-bankruptcy-coronavirus-pandemic-2020-5



Gold's Gym filed for Chapter 11 bankruptcy protection on Monday. The gym chain had temporarily closed locations during the coronavirus pandemic. It later announced it would close 30 company-owned locations for good.

"We want to be 100 percent clear that Gold's Gym is not going out of business," President and CEO Adam Zeitsiff said in a press release. "The brand is strong, and we'll continue to innovate and grow our digital business, our licensing program and our global footprint as we focus on serving our millions of members across the world.

"We want to be 100 percent clear that Gold's Gym is not going out of business," President and CEO Adam Zeitsiff said in a press release. "The brand is strong, and we'll continue to innovate and grow our digital business, our licensing program and our global footprint as we focus on serving our millions of members across the world."

The company referred to difficulties brought on by the coronavirus pandemic and said it hoped to reemerge from bankruptcy proceedings by August 1.
 

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