NEW YORK — Gym owner Blink Fitness has filed for Chapter 11 bankruptcy protection.
Blink, an Equinox chain with more than 100 locations, said Monday it was filing for bankruptcy to facilitate a sale of the business. The New York-based company added that its gyms will remain open, with Blink telling members it expects the process to have “limited impact on day-to-day operations.”
Also Monday, Blink said it had secured a commitment of $21 million in new financing from existing lenders to support ongoing operations, pending court approval. Employee wages and supplier payments are expected to continue without interruption.
Founded in 2011, Blink has long billed itself as an affordable gym “for everyone.” Membership plans range from about $15 to $39 per month, rivaling rates from 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 petition, filed in Delaware bankruptcy court, Blink listed both assets and liabilities in the range of $100 million to $500 million. On Monday, the company said it has seen “continued improvement” in its recent financial performance, with revenue growing 40% over the past two years.
Blink also pointed to recently announced efforts to improve member experiences at its most popular gyms. Monday’s bankruptcy filing comes just months after the company announced a multimillion-dollar investment that included upgrading 30 of the company’s highest-traffic locations with more than 1,700 pieces of new equipment.
In a statement, Guy Harkless, president and CEO of Blink Fitness, said the company’s leadership has determined that using a court-supervised process to facilitate a sale “is the best path forward for Blink and will help ensure Blink remains the destination for anyone looking for an inclusive, community-focused gym.”
Blink did not immediately provide many details about the sale it is seeking. 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 more expensive than Blink’s rates.
Blink’s bankruptcy filing comes as much of the fitness industry works to bounce back from pandemic-era losses. Gyms and workout studios of were among the hardest hit during the early days of COVID-19 when lockdowns Closed many activities or a significant limitation on the number of people such companies could admit for training.
But gyms that survived the worst have seen some stability since then. Visits to major fitness chains rose nearly every week between January and April this year compared to 2023 figures, according to recent data from Placer.aiwhich monitors store and pedestrian traffic.