Planet Fitness Competitor Gold's Gym Files For Bankruptcy

Privately held fitness brand Gold's Gym filed for Chapter 11 bankruptcy protection, according to a statement from the company released on May 4. The 700-location gym operation attributed the restructuring entirely to the COVID-19 pandemic that has temporarily closed its locations.

This is the first major Planet Fitness (NYSE: PLNT) competitor to file for bankruptcy because of the coronavirus, but more could follow suit in the coming months. According to CNBC, privately held 24 Hour Fitness is also considering a bankruptcy protection filing.

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Source Fool.com