European fitness company RSG Group announced Tuesday it plans to acquire Gold’s Gym, the famed fitness center chain founded in Venice 55 years ago, after emerging victorious in a bankruptcy auction.
Gold’s Gym, crippled by the coronavirus pandemic that forced the closures of gyms across the country, filed for bankruptcy protection in May. The auction occurred Monday, and the results still need the approval of a judge, with a hearing set for July 24.
The roughly $100 million purchase is expected to preserve the 61 company-owned Gold’s Gym locations, along with more than 600 franchise locations, officials said.
“Gold’s Gym is a fitness institution that had a major influence on the industry’s development,” Rainer Schaller, RSG Group’s founder and CEO, 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.”
According to RSG, the acquisition will give the company more than 900 locations on six continents.
Adam Zeitsiff, president/CEO of Gold’s Gym, said, “The RSG Group, with nearly 25 years of owner-managed expertise in the fitness sector, lives and breathes fitness and that is reflected in everything they do and how they do it. For us, this acquisition will open up brand-new opportunities to lead Gold’s Gym into a strong future together. My team and I are excited to partner with RSG and we look forward to much success for our team members, our members, and our global brand.”
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