Bengaluru: 'All that glitters is not gold', a popular aphorism has come true for popular and leading fitness brand in the world - Gold's Gym as it has shut around 30 outlets.

Gold's Gym, one of premium fitness brand, has incurred losses and has filed for bankruptcy under chapter 11 of country's bankruptcy code.

The firm in a statement had claimed that, due to the current scenario, it had to shut 30 of its outlets in prominent locations across the world.

President and CEO Adam Zeitsiff said in a press release, "The brand is strong, and we'll continue to innovate and grow our digital business, our licensing program and our global footprint as we focus on serving our millions of members across the world."

He further added, "We want to be 100% clear that Gold's Gym is not going out of business."

Due to coronavirus, businesses across the world have been hit by the lockdown to contain the spread of COVID-19,  and fitness brands are no exception.

The Gold's Gym has 700 outlets across the world. And all have remained shut ever since coronavirus started to spread from China to the rest of the world.