GYM FOR LIFE: February 2009

ABOUT GYM

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Gold's Gym
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Gold's Gym

Type
Private [1]
Genre
Fitness
Founded
1965
Founder(s)
Joe Gold
Headquarters
Irving, Texas, USA
Owner
TRT Holdings
Website
www.goldsgym.com
Gold's Gym International, Inc. is an international chain of co-ed fitness centers (commonly referred to as "gyms") originally started in California by Joe Gold. Each gym features a wide array of exercise equipment and personal trainers to assist clients.
Contents[hide]
1 Corporate history
2 Corporate information
3 Criticism
4 References
5 External links
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[edit] Corporate history
The first Gold's Gym opened in Fall of 1965 in Venice Beach, California.[2] Dubbed "the Mecca of bodybuilding", it was frequented by Arnold Schwarzenegger [3] and featured in the 1977 movie Pumping Iron. The movie brought attention not only to the gym itself, but also to the world of bodybuilding and physique in general. Jim Morrison of The Doors was also a frequent visitor to the Gold's Gym in Venice.[citation needed] To this day, it is considered a landmark in the bodybuilding subculture [4] and has even achieved cult status [5] In 1970, Joe Gold sold the chain.

Gold's Gym in Laredo, Texas.
Today, Gold's Gym claims to be the largest chain of co-ed gyms in the world, with more than 600 locations in 25 countries. It also licenses its name to products such as fitness equipment and clothing. The famous original Gold’s Gym logo, a bald-headed weightlifter holding a barbell, was designed in 1973 by Ric Drasin, who was Arnold Schwarzenegger’s training partner for four years.[6]

[edit] Corporate information
Gold's Gym is privately owned. It was acquired from its previous owner, private equity firm Brockway Moran & Partners, by Robert Rowling's TRT Holdings in 2004 for approximately $158 million. Brockway Moran had acquired the company in 1999.[7] The current chief corporate officers include chairman Terrell T. Philen, president and CEO James Weaver, and CFO Randy Schultz.[8] Corporate headquarters are in Irving, TX which is in the Dallas metropolitan area.
Gold's is one of two official health clubs of the AARP, where it offers month-to-month memberships, and is the official health club of the American Diabetes Association and the Blue Cross and Blue Shield Association. Gold's has begun offering online enrollment. [9][10][11]

[edit] Criticism
Numerous customers have reported Gold's Gyms acting in dishonest and unscrupulous fashions. They have reported advertised deals not being honored, billing irregularities and problems canceling accounts or relocating. A Gold's Gym in Provo, Utah was successfully sued for fraud in 2006 for changing a contract after it was signed.[12] Gold's Gyms have a policy of signing long term contracts that are very difficult to get out of without paying cancellation fees. In the past, gym websites did not give membership rates and the gyms would usually not tell customers the rate over the phone, asking instead that you come to the gym to have a tour and talk about it, which often included a heavy sales pitch. Some Gold's gyms require "fitness assessments" before supplying a membership, costing a significant amount of money but of dubious value to the customer. Gold's gyms have also been described as having an intimidating environment for inexperienced customers.[13][14]

[edit] References
^ Brown, Erika (2003-08-07). "Investing In Obesity". Forbes. http://www.forbes.com/2003/08/07/cz_eb_0807obesity.html. Retrieved on 2007-09-24.
^ About Gold's. URL retrieved on July 26, 2008.
^ Seeing Stars: Where the Stars Work Out. URL retrieved on January 9, 2007.
^ Emery, Mike. Men's Bodybuilding: A Short History. January, 2003. URL retrieved on January 9, 2007.
^ The cult of the gym: The new puritans. The Economist. December 19, 2002. URL retrieved on January 9, 2007.
^ Perine, Shawn (December 2005). "Gold’s goes bald". Flex. BNET. http://calbears.findarticles.com/p/articles/mi_m0KFY/is_10_23/ai_n15894870. Retrieved on 23 November 2008.
^ TRT Holdings Inc. is new owner of Gold's Gym. Business Wire, April 4, 2006
^ Gold's Gym and related industry info. Hoover's. URL retrieved on January 9, 2007.
^ Gold's Gym/AARP Program - Online Enrollment Program
^ American Diabetes Association - ADA Program Page
^ Gold's Gym – Blue Cross of Idaho
^ http://caselaw.findlaw.com/data/ut/cases/appopin/andreason051106.pdf
^ Consumer Affairs - Consumer complaints about Gold's Gym
^ Epinions.com

[edit] External links
Gold's Gym corporate web site
GoldsGear.com - The Official Online Store of Gold's Gym
Gold's Gym advertising campaign
Epinions Gold's Gym reviews - Many Gold's Gym reviews by users on epinions.com
consumeraffairs.com - Consumer complaints
complaints.com - Customer testimony about contract termination woes.
measuredup.com More information on contract termination difficulties and irregularities.
Retrieved from "http://en.wikipedia.org/wiki/Gold%27s_Gym"
Categories: Franchises Health clubs Privately held companies of the United States
Hidden categories: All articles with unsourced statements Articles with unsourced statements since January 2008
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This page was last modified on 10 February 2009, at 12:27.
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