Blink Fitness, a chain of affordable gyms, recently filed for Chapter 11 bankruptcy, joining many other businesses across the country.
Associated Press (AP) Reported on monday:
Blink’s, an Equinox-owned chain with more than 100 locations, said Monday it was filing for bankruptcy protection to facilitate a sale of the business. The New York-based company added that its gyms will remain open. Blink’s told members it expects the process to have “limited impact on day-to-day operations.”
Also on Monday, Brink’s announced that, pending court approval, it had received commitments for $21 million in new financing from existing lenders to support ongoing operations. Employee wages and vendor payments are expected to continue uninterrupted.
Blink Fitness has over 100 place In California, Illinois, Massachusetts, New Jersey, New York, Pennsylvania, and Texas, USA Today.
“The company said in a statement on Monday that it has “continued to improve its financial performance over the past two years, with revenue increasing by nearly 40 percent,” the media outlet reported, adding that Blink Fitness president and CEO Guy Harkness said the company is focused on strengthening the gyms’ financial foundations.
Restaurant chain Red Lobster filed for Chapter 11 bankruptcy protection in May and announced plans to sell its business to a company owned by its creditors, according to Breitbart News.
The outlet also noted that “Red Lobster was reported in April to be considering filing for bankruptcy after its all-you-can-eat shrimp service caused losses of $11 million in 2023, according to Breitbart News.”
Meanwhile, Breitbart News reported in June that Rite Aid Pharmacy has begun closing 27 more stores in Ohio and Michigan amid its bankruptcy problems, according to court filings.
“Rite Aid has closed more than 520 stores after filing for reorganization in October, NBC News reported Thursday. Most of the closures have occurred in Pennsylvania and neighboring states, with more than 100 closing in California,” the outlet reported.
