Name: Iconic Gold’s Gym to be acquired by German fitness group for $100 million
Brand: dallasnews.com
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Iconic Gold’s Gym to be acquired by German fitness group for $100 million

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9:23 AM on Jul 14, 2020 CDT — Updated at 2:20 PM on Jul 14, 2020 CDTDallas-based Gold’s Gym is set to be acquired by the German fitness company RSG Group for an estimated $100 million.Amid the economic pressure of pandemic lockdowns, the fitness chain May 4 in order to restructure its debt and close locations. Gold’s closed 32 clubs as part of the bankruptcy, including three in the Dallas area.The gym chain will emerge from bankruptcy with 61 company-owned gyms and more than 600 franchise locations, according to RSG Group. The sale is subject to U.S. Bankruptcy Court approval on July 24.“Gold’s Gym is a fitness institution that had a major influence on the industry’s development,” RSG Group founder and CEO Rainer Schaller said in a statement. “It was a huge source of inspiration when I was setting up my first McFIT studio in Würzburg, Germany, back in 1997.”Schaller said he was committed to breathing “new life into this iconic brand.” RSG Group’s , the largest fitness chain in Germany, employs about 5,000 people at more than 300 locations in 48 countries.Dallas billionaire Robert Rowling’s holding company, TRT Holdings Inc., has owned Gold’s Gym since 2004, when it it for $158 million. The holding company explored a sale of the gym in 2018 but called that off and hired a new CEO, Adam Zeitsiff, with a plan to .“For us, this acquisition will open up brand-new opportunities to lead Gold’s Gym into a strong future together,” Zeitsiff said in a statement. “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.”Related:During bankruptcy, Gold’s recently took steps to . That includes options to build smaller gyms requiring less investment in hopes of making franchising accessible to a wider swath of potential operators.RSG Group’s acquisition is expected to fuel Gold’s expansion onto six continents, according to the company.Joe Gold opened the first Gold’s Gym in 1965 in Venice Beach, Calif., long before fitness clubs existed. Dubbed “the Mecca of bodybuilding,” it was featured in the 1977 film Pumping Iron, which starred Arnold Schwarzenegger.Become a business insider. Get the latest headlines delivered to your inbox every weekday.By signing up you agree to our

9:23 AM on Jul 14, 2020 CDT — Updated at 2:20 PM on Jul 14, 2020 CDTDallas-based Gold’s Gym is set to be acquired by the German fitness company RSG Group for an estimated $100 million.Amid the economic pressure of pandemic lockdowns, the fitness chain May 4 in order to restructure its debt and close locations. Gold’s closed 32 clubs as part of the bankruptcy, including three in the Dallas area.The gym chain will emerge from bankruptcy with 61 company-owned gyms and more than 600 franchise locations, according to RSG Group. The sale is subject to U.S. Bankruptcy Court approval on July...

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Iconic Gold’s Gym to be acquired by German fitness group for $100 million

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