"Gold Jim" US operating company bankruptcy No capital relationship with Japanese stores May 5 16:44
A US operating company that operates a fitness club, "Gold Gym," has filed for failure to apply for Article 11 of the Bankruptcy Code of Japan, which is the Civil Rehabilitation Law of Japan, to the court amid the spread of the new coronavirus. The stores operating in Japan will continue to operate as before because they have no capital relationship.
"GGI Holdings" in the United States, which operates "Gold Gym," has about 700 stores in various countries around the world, including Japan, but its management was deteriorating as the infection with the new coronavirus spreads.
According to the announcement, the company applied for the application of Article 11 of the Federal Bankruptcy Code, which corresponds to the Civil Rehabilitation Law of Japan, to the court on the 4th, and the business went bankrupt.
There are 93 stores operating "Gold Gym" in Japan, such as Tokyo and Osaka, and we have been temporarily closed since last month following the declaration of emergency due to the spread of new coronavirus.
According to "THINK Fitness", a company operating in Japan, all Japanese stores are operated by franchises and have no capital ties with the failed US company, so they will continue to operate as before. .
The company commented, "There is no impact on the operation of the gold gym in the franchise in Japan. We are preparing for the reopening of stores."