Blink Fitness, an affordable gym operator owned by Equinox, files for Chapter 11 bankruptcy

NEW YORK (AP) — Gym operator Blink Fitness has filed for Chapter 11 bankruptcy protection.

Blink, an Equinox-owned chain with more than 100 locations, announced Monday that it will file for bankruptcy to facilitate the sale of the business. The New York-based company added that its gyms remain open and Blink has told its members that it expects “limited impact on daily operations” during the process.

Also on Monday, Blink said it received a commitment of $21 million in new financing from existing lenders to help support its ongoing operations, pending court approval. Employee salaries and payments to vendors are expected to continue without interruption.

Founded in 2011, Blink has long marketed itself as an affordable gym “for everyone.” Membership plans range from $15 to $39 per month, making them competitive with the rates of larger rivals like Planet Fitness and LA Fitness. Blink is a smaller chain that operates in seven U.S. states: New York, New Jersey, Pennsylvania, California, Illinois, Massachusetts and Texas.

In its Chapter 11 bankruptcy petition, filed in Delaware bankruptcy court, Blink listed assets and liabilities in the range of $100 million to $500 million. On Monday, the company said it has seen “continuous improvement” in recent financial performance, with revenue up 40% over the past two years.

Blink also highlighted recently announced efforts to improve member experiences at its most popular gyms. Monday’s bankruptcy filing comes just months after the company filed for bankruptcy protection. announced a multi-million dollar investment that included the modernization of 30 of its busiest establishments with more than 1,700 new pieces of equipment.

In a statement, Blink Fitness President and CEO Guy Harkless said the company’s leadership determined that using a court-supervised process to facilitate a sale “is the best path forward for Blink and will help ensure that Blink remains the destination for all people looking for an inclusive, community-focused fitness center.”

Blink did not immediately provide many details about the planned sale. The chain is currently owned by luxury fitness company Equinox Group, whose brands also include Soul Cycle, Pure Yoga and Equinox Fitness Clubs. Membership prices at those clubs are much higher than those at Blink.

Blink’s bankruptcy filing comes at a time when much of the fitness industry is working to recover from pandemic-era losses. Gyms and training studios in They were among the most affected During the early days of COVID-19, when lockdowns were implemented closed many operations or significantly limited the number of people such businesses could allow in to exercise.

But gyms that weathered the worst have seen some stability since then. Visits to major fitness chains rose almost every week between January and April of this year compared with figures for 2023, according to recent data. Data from Placer.aithat tracks retail and pedestrian traffic.