RSG Group To Acquire Gold's Gym For $100 Million

VENICE, CA — Gold's Gym is set to be acquired by European lifestyle and fitness company RSG Group for $100 million, the company announced Tuesday.

Gold's Gym was hit hard by the pandemic and filed Chapter 11 bankruptcy protection in May as the fitness chain announced the permanent closure of about 30 U.S. company-owned gyms amid the coronavirus outbreak.

In an auction Tuesday, RSG Group GmbH, was selected as the winning bidder in a court-approved auction process, according to a news release. Gold's Gym had announced in mid-May a plan to emerge from bankruptcy quickly through a pre-negotiated plan from its majority owner, TRT Holdings, Inc. After negotiations with TRT Holdings and its creditors, the auction was held.

The auction is subject to final approval from the bankruptcy court on July 24, but if all is approved, RSG Group would be the purchaser of the company and its assets, with an estimated final purchase price of $100 million.

"Subject to final execution, approval and consummation, Gold's Gym will emerge from bankruptcy with 61 company-owned gyms and more than 600 franchise-owned gyms, along with a healthy balance sheet," according to the news 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," Rainer Schaller, the RSG Group's founder and CEO, said. "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."

RSG Group has been most active in Europe, but will now have more than 900 locations on six continents. It's known for owning, McFit, which includes over 250 gyms in Germany, Austria, Poland, Spain and Italy.

The Venice Gold's Gym location remained temporarily closed throughout most of the outbreak, only to reopen briefly the last several weeks.

On Monday Gov. Gavin Newsom announced that California will also impose stricter measures for the 30 counties on the "watch list," which are being monitored for signs of elevated disease transmission and/or hospitalization. In those counties, which comprise 80 percent of the state's population, indoor activities and businesses — including hair salons and barbershops, gyms and fitness centers, protests, worship services, nonessential offices and shopping malls — are being ordered to close indoor operations immediately once counties have stayed on the list for at least three days.

Full coronavirus coverage: Coronavirus In California: What To Know

Don't miss updates about the coronavirus in California as they are announced. Sign up for Patch news alerts and newsletters.

See more:

• Redondo Beach Man Charged With Torrance Hate Crime
• Culver City Board Of Education To Discuss Reopening Schools
• Suspects Wanted For Theft At Westfield Culver City Mall: Video