(TheConservativeTimes.org) – Blink Fitness is an affordable gym chain owned by Equinox, and its goal is to make “everyone feel welcomed.” The company has recently filed for Chapter eleven bankruptcy as they announced early this week.
The company has had struggles bringing fitness enthusiasts back into the gym after a post-pandemic world where many are more likely to workout at home or build their own home gym.
According to CEO Guy Harkless, chapter eleven bankruptcy was the best path for the company. He said that this would help change up their sales process and “position the business for long-term success.”
With this said, Blink Fitness members will still be able to use the fitness centers through the sales process.
Harkless stated, “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 will use over twenty million dollars of financing from current lenders to keep operations going through the company sales process. The company has over one hundred locations across New Jersey, New York, California, Pennsylvania, Illinois, Texas, and Massachusetts.
Their parent company, Equinox, is a well-known luxury gym membership where some memberships can be forty thousand dollars annually.
Pandemic impacts have affected more gym businesses than just Blink, as other gyms that have filed for bankruptcy include Twenty Four Hour Fitness, Gold’s Gym, and Town Sports International.
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