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Legacy gym franchise Gold’s Gym will have a new parent company, the Germany-based <a href="https://rsggroup.com/en/?utm_source=1851franchise.com&utm_medium=article&utm_campaign=rsg-group-acquires-golds-gym-for-100-million-2713486" target="_blank" rel="nofollow">RSG Group GmbH</a>, which won the franchise in an auction on Monday.&nbsp;&nbsp;The fitness segment has been hit hard by the ongoing coronavirus crisis, and though <a href="https://1851franchise.com/how-fitness-franchises-are-coping-with-covid-19-2713094">some gym brands have found new ways of engaging with customers and maintaining revenue while gyms are closed</a>, many gyms have been unable to stay afloat. Gold’s Gym made the decision to file for Chapter 11 bankruptcy in May, less than two months into the shutdown, perhaps indicating the franchise was struggling even before the arrival of COVID-19.&nbsp;As part of the initial bankruptcy filing, Gold’s Gym planned to negotiate with majority owner TRT Holdings, Inc. to restructure and continue operations. The end result of those negotiations was an agreement to put the franchise up for auction with TRT Holdings serving as the "stalking horse bidder."On Monday, Gold’s Gym went up for auction. RSG Group emerged as the winning bidder, agreeing to purchase the franchise for an estimated $100 million."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," said Rainer Schaller, RSG Group's founder and CEO <a href="https://www.prnewswire.com/news-releases/rsg-group-set-to-acquire-golds-gym-301092698.html?utm_source=1851franchise.com&utm_medium=article&utm_campaign=rsg-group-acquires-golds-gym-for-100-million-2713486" target="_blank" rel="nofollow">in a press release</a>. "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."Established in 1965, Gold’s Gym currently operates 61 company-owned units and more than 600 franchisee-owned units, making it one of the largest fitness franchises in the world.

RSG Group Acquire’s Gold's Gym for $100 Million

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The iconic gym franchise filed for Chapter 11 bankruptcy in May.

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