Blink Fitness Gym with over 100 Locations Files for Chapter 11 Bankruptcy

The affordable gym chain known as Blink Fitness filed for Chapter 11 bankruptcy recently as many other businesses across the nation have done the same.

The Associated Press (AP) reported on Monday:

Blink, an Equinox-owned chain with more than 100 locations, said Monday that it was filing for bankruptcy to help facilitate a sale of the business. The New York-based company added that its gyms remain open — with Blink telling its members that it anticipates “limited impact on day-to-day operations” through the process.

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

Blink Fitness has over 100 locations in California, Illinois, Massachusetts, New Jersey, New York, Pennsylvania, and Texas, according to USA Today.

“In a statement on Monday, the company said that it had seen ‘continuous improvement in its financial performance over the past two years, with revenue increasing nearly 40%,'” the outlet stated, adding Blink Fitness President and CEO Guy Harkness noted the company has been focusing on strengthening the gym’s financial foundation.

In May, restaurant chain Red Lobster said it was filing for Chapter 11 bankruptcy and planned to sell the business to an entity owned by lenders, according to Breitbart News.

The outlet also noted “In April, Red Lobster was reportedly considering filing for bankruptcy after its all-you-can-eat shrimp offering resulted in an $11 million loss in 2023, according to Breitbart News.”

Meanwhile, court filings said Rite Aid pharmacy began shutting down an additional 27 stores in Ohio and Michigan amid its own bankruptcy issues, per a Breitbart News article from June.

“Rite Aid closed more than 520 of its store locations after filing for reorganization in October, NBC News reported Thursday. Most of the closings have occurred in Pennsylvania and nearby states, while more than 100 shut down in California,” the outlet said.