Blink Fitness, the budget gym franchise with over 100 locations across the country, announced this week that the company is entering into Chapter 11 bankruptcy.
The company hopes court-supervised restructuring will facilitate an eventual sale of the business. Blink has already secured $21 million in new financing from existing lenders that will help support ongoing business operations through the bankruptcy process.
Blink's monthly memberships range from $15 to $45, and the company said it may close some of its locations.
"Over the last several months, we have been focused on strengthening Blink’s financial foundation and positioning the business for long-term success," CEO Guy Harkless said in a 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."
Blink said it intends to continue to provide members with "the high-quality fitness experience they have come to expect, and the company "remains committed to its recently announced strategic initiatives to reinvigorate its most popular gyms, elevate its member experience and deepen its community connections, with a continued focus on democratizing fitness for all."
Blink is currently owned by the luxury fitness and health club company Equinox Group, which also owns Soul Cycle, Pure Yoga, and Equinox Fitness Clubs.
Blink's monthly memberships range from $15 to $45, and the company said it may close some of its locations.
