Blink Fitness files for bankruptcy and may close some gyms

Low-price gym chain Blink Fitness filed for bankruptcy, signaling the ongoing challenges faced by the fitness industry in the aftermath of the Covid-19 pandemic. With monthly memberships ranging from $15 to $45, Blink Fitness may close some of its 101 clubs. The company, which is owned by luxury gym chain Equinox and primarily operates in New York, New Jersey, California, and Texas, has over 400,000 members. The pandemic led to the permanent closure of around 25% of US gyms and studios, including major chains like 24 Hour Fitness and Gold’s Gym. Blink Fitness cited financial constraints caused by the temporary closure of its clubs during the pandemic, delayed rent payments, and unprofitable club locations as factors contributing to its bankruptcy filing. The fitness industry also faces challenges from consumers reducing discretionary spending and the growing use of GLP-1 drugs for weight loss.