Equinox Group-owned budget gym chain Blink Fitness is filing for bankruptcy while other low-cost gyms like Planet Fitness are seeing membership grow.
The Equinox-owned budget-friendly chain will continue to operate its fitness centers throughout the sale process.
CNBC/Generation Lab Youth and Money Poll finds roughly half of Americans aged 18-34 spend "nothing at all" on fitness.Blink Fitness, a budget-friendly gym chain owned by luxury fitness company Equinox Group, has filed for Chapter 11 bankruptcy.seek bankruptcyThe company plans to sell its business and has listed its assets and liabilities at $100 million and $500 million, respectively.
"Over the last several months, we have been focused on strengthening Blink's financial foundation and positioning the business for long-term success," Guy Harkless, CEO and president of Blink Fitness said in a statement. "After evaluating our options, the Board and management team determined that using the court-supervised process to optimize the Company's footprint and effectuate a sale of the business is the best path forward.
This is not the first move by Equinox Group to improve the company's finances. Luxury fitness center Equinox, which falls in the group's holdings alongside brands such as SoulCycle and Pure Yoga, completed a $1.8 billionThe company, which is not publicly traded, said it saw a 27% revenue increase in 2023 and that it has seen membership levels almost fully returned to pre-pandemic levels. Equinox has a current pipeline to open over two dozen new locations globally.
Blink offers membership ranging from $17 to $39 per month depending on the location and competes with other budget gym chains likeUnlike Blink, Planet Fitness reported strong membership growth of 7% year-over-year in its second-quarter to reach a total of 19.7 million members. Planet Fitness shares recently hit a 52-week high, reaching levels not seen since May 2023.
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