https://www.youtube.com/watch?v=EIFcR8Zb1nM
Who Bought Out Gold’s Gym | Chapter 11 Bankruptcy | Coronavirus
Rainer Schaller CEO Of RSG Group
On May 4, 2020, Golds Gyms Declared Chapter 11 Bankruptcy which was in part due to the shutdowns Caused by the Corona Virus. Part of their restructuring plan was to sell Golds to the highest bidder. The highest bidder ended up being German-based company RSG. In this episode of Total Body Training, we answer the following questions.
What happened? Who Is RSG Group? And What is my opinion?
Welcome back to Total Body Training, I’m Jean Carlos and If you haven’t already subscribed to my YouTube channel then please click the subscribe button. On this channel we go over fitness tips, trends and tutorials to help you stay informed and get in shape.
What Happened?
It is July 16 2020 and we are still in the midst of the Coronavirus pandemic. And The start of this pandemic Golds and all gyms were forced to close down for almost 2 months and some parts of the country they still haven’t opened up. This caused Gold’s to have to File for Chapter 11 Bankruptcy which led to the closing of over 30 Corporate-owned Golds gyms They didn’t have to close their franchise-owned but they don’t run those gyms so If I had to take a guess I would assume that some franchise-owned gyms closed. After all, gyms and business as a whole have been drastically effected by the coronavirus.
While the fitness industry continues to feel the effect of the coronavirus, TRT Holdings, Inc., which which is the Majority Share holder of Gold’s gym started trying to selling the company through a bidding process. And on July 13th2020, TRT Holds Inc. sold Gold’s Gym for $100 Million Dollars, To a German Based Fitness and Wellness Company RSG Group.
Who is RSG Group?
I’ve been working in the fitness industry for over 6 years and I had never RSG. After looking information about RSG Group, it turns out this company has been an extremely successful fitness and Health and wellness company through German Europe and other countries I need to visit!
Upon the Acquisition of Golds, Gym RSG Wrote up a Press Release. I’m Going to read their about me for the press release
( READ ABOUT Me FROM RSG PRESS RELEASE)
“With more than two million customers, RSG Group GmbH is the world’s innovation leader in the areas of fitness and lifestyle. Our strong brands and future-oriented concepts include fitness club chains McFIT, the JOHN REED family (JOHN REED Fitness Music Club, JOHN REED Women’s Club, JOHN & JANE’S, THE REED), High5 and Gold’s Gym, the most well-known fitness brand in the USA, online workouts CYBEROBICS, the fitness planner app LOOX, the unique training experience Master of Enthusiasm, our own sports nutrition Qi², our in-house model agency McFIT MODELS, Pearl Management, artist management agency TIGERPOOL that represents fashion label MARCELL VON BERLIN and street artist RON MILLER, exclusive cake brand Steven Baker and THE MIRAI, where we motivate millions of people to get more active while having fun. With our varied portfolio, we ensure we remain a key component of our customers’ active everyday lives.”
-RSG Group Press Release
RSG Is rather Impressive. I did some digging around on the companies website and they have a whole history section. It turns out that the company Founder and CEO is Rainer Sheller. RSG Group started off as a Gym called McFit Which opened in Schlüsselfeld Germany in 1997. The company grew pretty quickly and began open other locations and acquire gyms and fitness brands.
Rainer Sheller seems pretty excited about acquiring Gold’s Gym. I mean after all, Gold’s gym really helped kick the success of the fitness industry. They have given so much to the fitness world.
Here is a direct quote from Rainer Sheller about the Acquisition. This quote is coming from RSG Press Release
“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, the RSG Group’s founder, and CEO. “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.”
With all of this going on you might be wondering what Adam Zeitsiff the Current CEO Of Golds Gym Had to say, and here is a quote I found in the Dallas Business Journal
“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,” -Adam Zeitsiff | From the Dallas Buisness Journal
My opinion | What Is the future of Golds?
I think is going to be a great move for the Golds Gym brand. I Think the McFitt has been incredible. If you would like to know more about this topic then please click the link above and watch my video.
Links:
Golds Gym Wikipedia Page:
https://en.wikipedia.org/wiki/Gold%27s_Gym
RSG Press Release about their acquisition of Golds Gym
https://rsggroup.com/en/pressreleases/rsg-group-set-to-acquire-golds-gym/
Rainer Schaller Wikipedia Page:
https://en.wikipedia.org/wiki/Rainer_Schaller
Iconic Gold’s Gym to be acquired by German fitness group for $100 million
https://www.bizjournals.com/dallas/news/2020/07/14/gold-s-gym-rsg.html
McFit Wikiepedia Page
https://en.wikipedia.org/wiki/McFit