Sad news for gym rats and all of us who purchased a yearly membership we have yet to use: Popular budget-gym chain Blink Fitness filed for bankruptcy on Monday and says it may close an “unspecified number” of its clubs, according to CNN.
Since its inception in 2011, Blink, which is owned by the luxury chain Equinox, has billed itself as an inclusive and affordable fitness option for “every body,” with 101 chains across seven states — New York, New Jersey, Pennsylvania, California, Illinois, Massachusetts, and Texas — and monthly memberships starting at $15. The New York–based company says it filed for Chapter 11 bankruptcy in order to facilitate a sale of the business; as of now, Blink says gyms will remain open and that members can expect “limited impact on day-to-day operations” throughout the transition. ABC News reports that existing lenders have committed $21 million to Blink to help support operations, with court approval still pending.
Earlier this year, Blink announced it was investing millions into its “top gyms” as membership soared. Despite that growth, the chain says it’s still struggling to recuperate after the pandemic, which saw the shuttering of 10,000 gyms and fitness studios across the country and sparked bankruptcy filings from other popular chains like 24 Hour Fitness and Gold’s Gym. After temporarily shutting down in 2020, Blink stated in its Monday filing that it had put off rent payments during COVID that it is still trying to catch up on, adding that a number of its locations aren’t profitable. Pour one out on the treadmill tonight, and fingers crossed for Blink and frankly any fitness chain that isn’t charging $40,000 a year in this economy.
