#bFamous less costly national gym chain Blink Fitness has filed for bankruptcy protection.
The company which operates more than 101 gyms nationally seeks to be permitted to continue operating as they work out a plan to repay creditors.
It listed liabilities and assets between $100 million and $500 million each in its petition.
The gym reportedly has more than 300,000 members.
Blink was founded in 2011 in New York City. Membership cost is from $15 to $40 per month.
The gym parent company Equinox has struggled to recover since Covid-19 pandemic which bankrupt various gyms.
Equinox received $1.8 billion to refinance this year.
Gyms and fitness studios were the hardest hit businesses during covid 10 hit hard by lockdowns and restriction on various people they could permit in for workouts and classes..
There was no industry specific federal help given to health clubs.
Blink Fitness owned by luxury gym chain Equinox filed for Chapter 11 bankruptcy in District of Delaware reported by Bloomberg on Monday.
Blink Fitness CEO Guy Harkess add the company leaders had decided filing for bankruptcy was the best way to deal with situation.
“we thank our entire corporate and gym team for their continued dedication to our members as well as vendors and partners for ongoing support. We look forward to emerging from this process as an even stronger business.
Blinks has 40% increment in revenue over past two years.