Blink Fitness Chapter 11 Bankruptcy Official, Gym Closing Soon! Here's How It Goes
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Mobinity.com - As a result of the prolonged impact of the coronavirus (COVID-19) pandemic, affordable gym chain Blink Fitness has filed for Chapter 11 bankruptcy protection to facilitate a sale process.
According to the court filing, the pandemic forced Blink to shut down its operations for nine months which incurred additional debt and deferred rent obligations, leaving the company with approximately $280 million in debt.
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Despite this, the company has shown continuous improvement in financial performance over the past two years with a nearly 40 percent increase in revenue. By 2024, it expects to capitalize on this momentum and deliver its best and bottom-line performance over the past five years.
Blink also remains committed to its recently announced strategic initiatives to reinvigorate its most popular gyms, enhance the member experience, and deepen community relationships, with a continued focus on democratizing fitness for all.
"Over the past several months, we have focused on strengthening Blink's financial foundation and positioning the business for long-term success," said Guy Harkless, president and CEO of Blink Fitness.
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"After evaluating our options, the board of directors and management team determined that using a court-supervised process to optimize the company's footprint and streamline the sale of the business is the best path forward and will help ensure Blink remains a destination for everyone seeking an inclusive, community-focused gym. "Blink is a community-focused gym."
