The post-COVID-19 struggles for U.S. gyms continue.
Low-cost chain Blink Fitness filed for Chapter 11 in Delaware court Monday, the latest in its sector to struggle with the aftereffects of the pandemic.
Blink operates more than 100 gyms, with the majority of them in New York City and Long Island.
The gyms will remain open as the company, owned by luxury fitness brand Equinox, attempts to find a buyer. It has both assets and liabilities ranging between $100 million and $500 million, according to bankruptcy filings.
Blink markets itself as an affordable option for younger customers, with members ranging from $15 to $45 a month. (Equinox memberships start at $250; the company rolled out an annual membership this year that costs $40,000 annually.)
The parent company has not been immune to the struggles of gyms in the post-COVID-19 landscape, taking $1.8 billion to refinance its debt earlier this year.
“Over the last several months, we have been focused on strengthening Blink’s financial foundation and positioning the business for long-term success,” said Guy Harkless, Blink’s president and CEO, in a company statement. “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.”
Blink is the latest fitness company to file bankruptcy in the wake of the pandemic, after Gold’s Gym and 24 Hour Fitness took the step in 2020.
