New York (FFN) – Blink Fitness, a budget-friendly gym chain with monthly memberships ranging from $15 to $45, has filed for bankruptcy and announced plans to potentially close an unspecified number of its 101 locations.
Owned by luxury gym chain Equinox, Blink Fitness operates primarily in cities and suburban areas across New York, New Jersey, California, and Texas, serving over 400,000 members.
The bankruptcy filing highlights the ongoing struggles of the fitness industry post-pandemic. During the peak of the Covid-19 crisis in 2020, Blink temporarily closed all its clubs, which resulted in a significant loss of revenue. Even now, the company is still burdened by deferred rent payments and is grappling with the financial fallout. Additionally, some of its clubs remain unprofitable.
The fitness industry as a whole is facing multiple challenges, including consumers cutting back on discretionary spending and the growing popularity of GLP-1 weight loss medications. In response, luxury gyms like Life Time are acquiring weight loss clinics, while Equinox is developing specialized exercise programs for those using these medications.
