Golds Gym Declares Bankruptcy | chapter 11 bankruptcy | Economy

Golds Gym Declares bankruptcy
TIMESTAMPS:
0:00 Intro
0:16 Questions About Golds Gym Bankruptcy
0:45 Adam Zietsiff CEO of Golds Gym
1:38 30 Golds Gym locations are closing
2:37 Bankruptcy
3:18 uscourts.govbankruptcy
3:27 What is Bankruptcy?
4:25 What are the different types of Bankruptcy?
4:56 What is Chapter 11 Bankruptcy?
5:30 Will Golds Gym Survive this bankruptcy?
6:08 Companies that
6:10 Names of Business that recovered after Bankruptcy
6:27 Investopedia.com
6:42 Marvel
6:48 Apple Computers
6:50 Chrysler
7:22 Yes Golds Gym can survive bankruptcy
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What Are the Different Kinds of Bankruptcy -
David Ramsey
https://www.daveramsey.com/blog/types...
CEO
USA.gov Bankruptcy
https://www.uscourts.gov/services-for...
Adam Zeitsiff
30 gyms closed in
LINKS:
Golds gym: Bankruptcy IN
   • Gold's Gym: Bankruptcy in the Pandemi...  
INVESTOPEDIA:
https://www.investopedia.com/articles...
Golds Gym
https://www.bizjournals.com/washingto...
Business insider article about Which Golds Gym Locations are closing.
https://www.businessinsider.com/golds...

SAN ANTONIO - Gold's Gym has announced the closure of 30 locations throughout the country, three of those in San Antonio.
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Golds Gym Declares Bankruptcy | chapter 11 bankruptcy

On Monday, May 4th, 2020, Golds gym announced that they are closing 30 of its corporate-owned locations and declaring Chapter 11 Bankruptcy. This is, of course, is thanks to the global recent events we’ve all been dealing with. So, in this episode of Total Body Training, we are asking,
What exactly happened to Gold's Gym?
What is Chapter 11 Bankruptcy?
Will Golds Gyms be able to survive this?
Finally, my thoughts about the situation.
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 get in shape. (stay informed and get in shape)

What happened?
On Monday, May 4th, 2020, the CEO of Golds Gym Adam Zeitsiff announced that Golds was filing for Chapter 11 bankruptcy and is officially closing 30 of their corporate-owned gym locations.
Adam Zeitsiff explained that all of the locations that are closing are corporate-owned. He didn’t mention much about franchise-owned Golds Gym’s. but he ensured that what is happening with the corporation would not affect franchise gyms. Now, that doesn’t necessarily mean franchise Golds Gyms aren’t also closing. Many gyms are having are close their doors right now so if you are a member of a franchise owned Golds Gym then I would give them a call or send them an email.

What is Chapter 11 Bankruptcy?
Moving on to…The Bankruptcy! Golds Filed for Chapter 11 Bankruptcy, I don’t really know much about bankruptcy, except that it’s a bad thing when it happens to you in the game of Monopoly!

Uscourts.gov bankruptcy page.
Here is what I found out! Here is a direct quote from their page.
“About Bankruptcy”
“Filing bankruptcy can help a person by discarding debt or making a plan to repay debts. A bankruptcy case normally begins when the debtor files a petition with the bankruptcy court. A petition may be filed by an individual, by spouses together, or by a corporation or other entity.”

Here are some details about Chapter 11 bankruptcy from a David Ramsy Article.
“Chapter 11 Bankruptcy
For the most part, Chapter 11 bankruptcy is used to reorganize a business or corporation. Businesses come up with a plan for how they’ll continue operating the company while paying off their debt, and both the court and the creditors must approve of this plan.”
David Ramsey
“Will Golds gym be able to survive this?”
Adam Zeitsiff has been asked this exact same question in multiple interviews.Here’s what he said,
“We’re not going anywhere,” – USA Today Article
Honestly, I think Golds gym can bounce back from these issues. I really do think that and if you watch the video you can hear me explain why I think that! So, please watch the video! I go into greater depth about the gold's gym bankruptcy and the economy!