The budget health club chain Blink Fitness has filed for Chapter 11 bankruptcy, leaving the fate of its 101 locations unclear.
The company, which is owned by the luxury fitness group Equinox Holdings, issued a statement promising to “continue to provide members with the high-quality fitness experience they have come to expect” during the bankruptcy process. The company has received a commitment of $21 million in new debtor-in-possession financing from its existing lenders, which will help to maintain current operations.
The company operates gyms in California, Illinois, Massachusetts, New Jersey, New York, Pennsylvania, and Texas. President and CEO Guy Harkless stated the company was seeking a new owner, but did not envision whether a potential sale would involve gym closures.
“After evaluating our options, the board and management team determined that using the court-supervised process to optimize the company’s footprint and effectuate a sale of the business is the best path forward for Blink and will help ensure Blink remains the destination for all people seeking an inclusive, community-focused gym,” Harkless said.
