NATIONWIDE -- Gold's Gym filed for Chapter 11 bankruptcy protection Monday, the company said, as gyms around the nation remained shuttered because of the deadly spread of the coronavirus.

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GGI Holdings, LLC said in a statement that the filing "will enable us to emerge stronger and ready to grow," and it intends to emerge from Chapter 11 by August 1, "if not sooner."

A Chapter 11 filing typically allows a business to reorganize to pay off debts over time. It doesn't necessarily mean the business will stop operating.

The company said the filing shouldn't affect its licensing division and is not associated with locally-owned franchise gyms.

Gold's Gym operates almost 700 facilities around the world and has continued to pay employees and provide health-care coverage, it said.

"Our focus is and always will be on our members around the world, and we look forward to welcoming them back as soon as it is safe for our members, team members and communities," the company's statement said.

Gyms and fitness centers are not part of the first phase of Florida's reopening plan, which began Monday with restaurants, retail stores, and some malls opening with 25% capacity. A timetable for when gyms can reopen across the state has not been released.

Fashion brand J. Crew has also filed for bankruptcy protection, the first major retailer to do so. It was struggling before the pandemic, along with several other international clothing retailers such as Neiman Marcus and The Gap.