
Gold's Gym has filed for bankruptcy.
Coronavirus has affected the company "deeply and in many ways," the company said, including the temporary closures of many of its 700 global gyms.
The 55-year-old company said that filing for Chapter 11 will help the it "emerge stronger and ready to grow" and intends to exit bankruptcy by August 1.
Gold's Gym said in a statement that it's "absolutely not going anywhere" and doesn't intend to permanently close any more gyms than the 30 it shuttered last month.