Blink Fitness bankruptcy: PureGym makes $105M bid for NJ, NY gyms

By Adeja Shivonne

Updated September 14, 2024 10:45pm EDT

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Blink Fitness files bankruptcy

Gym operator Blink Fitness has filed for Chapter 11 bankruptcy protection. Blink, an Equinox-owned chain with more than 100 locations, says it's filing for bankruptcy to help facilitate a sale of the business. The New York-based company added that it’s gyms remain open and anticipates "limited impact on day-to-day operations" through the process.

NEW YORK - After filing for Chapter 11 bankruptcy, Blink Fitness could sell most of its New Jersey and New York assets to U.K.-based PureGym for $105 million.

On Tuesday, the company announced an agreement with PureGym, to acquire Blink’s corporate operations and a substantial number of its locations across New York and New Jersey.

The companies say members can expect a seamless transition and continued dedication to fostering "a welcoming fitness environment."

Blink Fitness bankruptcy filing: List of NY locations at risk of closing

Blink, a chain owned by the luxury fitness company Equinox Group filed for bankruptcy to help facilitate a sale of the business. More than half the locations in New York are at risk of closing.

The chain has 60 locations in New York alone and more than half of them were listed in the bankruptcy filing.

Blink, a chain owned by the luxury fitness company Equinox Group, said it filed for bankruptcy to help facilitate a sale of the business.

The latest agreement, which still needs court approval, makes PureGym the top bidder before an auction on October 28, if other bids are received.

"For many years, Blink has been a cornerstone of inclusive, community-focused fitness," President and CEO of Blink Fitness Guy Harkless said. "As we continue to enhance our member experience and rejuvenate our key locations, PureGym’s interest underscores confidence in Blink’s mission to democratize fitness."

"We remain committed to our promise of affordable fitness for all, ensuring our facilities remain vibrant spaces for personal wellness," he affirmed.

PureGym CEO Humphrey Cobbold said "we are eager to expand our footprint in the U.S. market and enhance the customer experience at Blink locations."

Blink Fitness in NJ, NY

In New York and New Jersey, PureGym plans to invest in facility upgrades, according to a recent press release.

The strategic expansion aims to integrate PureGym’s global expertise with Blink’s localized appeal, attracting fitness enthusiasts.

The deal requires approval from the Delaware bankruptcy court and gives PureGym "stalking horse" status. If other bids are received, a court-supervised auction will be held on October 28, according to Blink.

Why did Blink Fitness file for bankruptcy?

In its Chapter 11 petition, which was filed in Delaware bankruptcy court, Blink listed both assets and liabilities in the $100 million to $500 million range. Total debts for Blink and its affiliates filing for Chapter 11 amount more than $280 million, according to a court affidavit from Chief Restructuring Officer Steven Shenker on Monday, which also suggests the debtors may reject leases of certain facilities that are no longer in operation as part of wider cost-cutting efforts.

List of New York Blink Fitness gyms at risk of closing

Blink has long billed itself as an affordable gym "for every body" and was founded in 2011.

Membership plans range from about $15 to $39 per month plus maintenance fees, competitive with rates from larger rivals like Planet Fitness and LA Fitness.

Blink operates in seven U.S. states: New York, New Jersey, Pennsylvania, California, Illinois, Massachusetts and Texas.

Here is a list of New York locations that are listed in the bankruptcy filing: