The low-cost fitness chain, like many of its competitors, struggled to draw back customers who left the gym during the pandemic.
Blink Fitness has filed for Chapter 11 bankruptcy after struggling to draw back gym junkies who canceled memberships during the pandemic, the company said on Monday.
Blink — which operates more than 100 locations across New York, New Jersey, Pennsylvania, California, Illinois, Massachusetts and Texas — is owned by Equinox, whose upscale gyms charge upwards $500 a month for its higher-priced memberships. The company said its revenue grew nearly 40% over the past two years, but it still wasn’t enough to save the chain from bankruptcy.
The sale will “help ensure Blink remains the destination for all people seeking an inclusive, community-focused gym,” Harkless said in a statement.Blink has received $21 million in new debtor-in-possession financing from its existing lenders which will be used to maintain operations during the sale process, the company said.
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