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Blink Fitness, a low-cost gym with more than 100 locations, files for bankruptcy
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Blink Fitness, a low-cost gym with more than 100 locations, files for bankruptcy

Blink Fitness, the low-cost gym chain with more than 100 locations across the United States, announced Monday that it will file for Chapter 11 bankruptcy.

The New York-based company said it was entering into the court-supervised restructuring in an attempt to facilitate the sale of the business. Blink announced it also received a commitment of $21 million in new financing from existing lenders, pending court approval, to help support ongoing business operations as the bankruptcy process moves forward.

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“Over the past several months, we have been focused on strengthening Blink’s financial foundation and positioning the company for long-term success,” CEO Guy Harkless said in a statement. “After evaluating our options, the Board of Directors and management team determined that utilizing the court-supervised process to optimize the company’s footprint and effectuate the sale of the business is the best path forward for Blink.”

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Founded in 2011, Blink has long championed its low-cost memberships that are competitive with prices offered by rival gym chains like Planet Fitness. Unlike Planet Fitness, however, Blink is a smaller company, operating in just seven states: California, Illinois, Massachusetts, New York, New Jersey, Pennsylvania and Texas.

Blink is currently owned by luxury health and fitness club company Equinox Group, which also owns Soul Cycle, Pure Yoga and Equinox Fitness Clubs.

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