News

Springfield Gold’s Gym Closed Due to Bankruptcy

/Will Stevenson


Many months of financial losses have become like a difficult dead-lift for Springfield’s Gold’s Gym.

A Springfield federal bankruptcy judge has approved a motion filed by attorneys for creditor Illini Bank to convert the gym’s Chapter 11 rehabilitation bankruptcy into a Chapter 7 liquidation bankruptcy.

As a result, the gym closed earlier Tuesday. Court documents indicate that the gym has lost 161-thousand dollars so far this year as of August 31st, and has had multiple months of losses since the initial bankruptcy filing a year and a half ago.

A sale of the gym had not yet happened by a late-August deadline, also according to court records.

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