Fitness chain with Mass. ties files for Chapter 11 bankruptcy

Fitness chain and gym operator Blink Fitness voluntarily filed for Chapter 11 bankruptcy earlier this week.

The chain, which has more than 100 locations in seven states, including two in Massachusetts, filed for bankruptcy protection in the District of Delaware on Monday, citing the initiative as a “strategic decision to execute an efficient and value-maximizing sale process to optimize its footprint and position the business for long-term success.”

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The New York-based company announced it would continue providing members with “the high-quality fitness experience they have come to expect,” and remains “committed to its recently announced strategic initiatives to reinvigorate its most popular gyms.”

“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, president and chief executive officer of Blink Fitness, said in a release.

“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 for Blink,” Harkless said.

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In conjunction with the court-supervised process, Blink announced it has received $21 million in new debtor-in-possession financing from existing lenders.

Between the additional funding and cash generated by ongoing operations, the company believes it will support the business during this process.

The gym has two locations in Massachusetts, in Beverly and Medford.

Blink Fitness describes itself as a “premium and affordable fitness brand known for its commitment to an all-inclusive environment,” offering plans starting at $15 a month.