TRT Holdings, the majority shareholder of Gold’s Gym, has cancelled its plans to offload the gym chain.
The US-based private holding company, which also owns Omni Hotels & Resorts, announced in July 2018 that it would explore a sale of the company in order to “focus on its core businesses”.
It has now, however, decided to retain its ownership and reinvest in the iconic brand.
“As we worked through the exploratory process of selling the brand, we continued to see growth opportunities for Gold’s Gym in a number of areas within the fitness industry,” said TRT Holdings president Blake Rowling.
“After carefully considering our options, we felt that we would be leaving too much value on the table by selling the company today.”
As part of the move, TRT has brought back former chief information officer Adam Zeitsiff, who has been named president and CEO of Gold’s Gym, effective immediately. He will replace former chief Brandon Bean, how has now left the company.
Zeitsiff held the position of chief information officer for Gold’s Gym from 2016 to 2018 and spearheaded digital innovations, such as the development and launch of Gold’s AMPTM, one of the first digital personal training apps produced by a brick-and-mortar gym company.
He will be tasked with focusing on “industry-leading digital innovation, franchising and growth”.
“I am passionate about our iconic brand and about leading this team of talented, committed and caring people,” Zeitsiff said.
“We have a strong vision for the future of this company and will be laser-focused on partnering with our global franchise community to continue to grow the brand and expand our worldwide prominence in the fitness industry.”
Source: Health Club Management