GUWAHATI: With businesses everywhere being adversely affected by the outbreak of the novel coronavirus pandemic, gyms were among the first businesses to be shut down.
Those in the fitness industry were taken aback on hearing the news of Gold’s Gym filing for bankruptcy in the United States.
Gold’s Gym International, Inc. is an American chain of fitness centres that has recently announced a bail out and the chain happens to be the latest big name to file for bankruptcy due to the pandemic.
The organization has filed for Chapter 11, named after the US Bankruptcy Code 11, which gives companies time to restructure their debts and chalk out a plan to stay in business.
The organization has even assured its employees that they will emerge from bankruptcy, latest by August this year.
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“Gold’s Gym filing for bankruptcy is not related to India, it is related to the parent company in the US where they have done so to get pandemic benefits from the Trump administration. Operations in India or set up in any other country beyond the US remain unaffected,” said Rajiv Jain, owner of Gold’s Gym on GS Road.
“Business has been totally closed for 40 days and now that the lockdown has been relaxed, we will be able to understand what exactly happened,” he said on the present situation of gyms in the city.
“As far as the gym business is considered, it’s in the Red Zone of the list of activities,” Rajiv added.
The state had directed all gyms in Guwahati to remain shut from 19th March as part of preventive measures being taken up to combat the Coronavirus pandemic in the city.
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