New York – The gym operator Blink Fitness has filed for bankruptcy under the US Chapter 11 procedure.
Blink, an Equinox-owned chain with more than 100 stores, said Monday it had filed for bankruptcy to facilitate the sale of the business. The New York-based company added that its gyms remained open – with Blink telling members it expected “limited impact on daily operations” from the process.
Also on Monday, Blink announced that it had secured a commitment from existing lenders for $21 million in new financing to support ongoing operations, pending court approval. Employee wages and payments to suppliers will continue without interruption.
Founded in 2011, Blink has long promoted itself as an affordable gym “for everyone.” Membership prices range from about $15 to $39 per month, plus maintenance fees, making them competitive with 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.
Blink Fitness has two locations in Central New York, one in Syracuse and one in Liverpool, according to the company’s website.
In its Chapter 11 petition filed in Delaware bankruptcy court, Blink listed assets and liabilities ranging from $100 million to $500 million. The total debt of Blink and its subsidiaries filing for Chapter 11 bankruptcy is more than $280 million, according to an affidavit filed Monday by restructuring chief Steven Shenker, who also suggested the debtors may decline to lease certain facilities that are no longer in operation as part of broader cost-cutting measures.
The company announced on Monday that its financial performance had “continuously improved” recently, with sales increasing by 40% over the past two years.
Blink also pointed to recently announced efforts to improve the member experience 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 its busiest locations with more than 1,700 new pieces of equipment.
In a statement, Guy Harkless, president and CEO of Blink Fitness, said company management has concluded that a court-supervised process to facilitate a sale “is the best path for Blink and will help ensure Blink remains the go-to place for anyone seeking an inclusive, community-focused fitness center.”
Blink did not immediately provide further details about the proposed 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 far higher than Blink’s.
Equinox is not listed as a debtor in Monday’s Chapter 11 documents and the company itself is not expected to file for bankruptcy, Shenker notes.
Blink’s bankruptcy filing comes as much of the fitness industry is trying to recoup pandemic-era losses. Gyms and training studios were among the hardest hit in the early days of COVID-19, as lockdowns shut down or significantly limited many operations — including Blink, which was forced to temporarily close all of its gyms at the height of the pandemic, according to the company’s bankruptcy documents.
But gyms that survived the worst have seen some resilience since then. According to recent data from Placer.ai, which tracks retail and foot traffic, visits to major fitness chains increased nearly every week between January and April of this year compared to 2023 numbers.
