Blink Fitness bankruptcy: PureGym makes $105M bid for NJ, NY gyms

NEW YORK – After filing for Chapter 11 bankruptcy, Blink Fitness has agreed to sell most of its New Jersey and New York assets to U.K.-based PureGym for $105 million.

The companies say that as both companies prepare for the next phase, members can expect a seamless transition and continued dedication to fostering “a welcoming fitness environment”.

The chain has 60 locations in New York alone and more than half of them were listed in the bankruptcy filing. 

Blink, a chain owned by the luxury fitness company Equinox Group, said last month that it was filing for bankruptcy to help facilitate a sale of the business. 

On Tuesday, the company announced an agreement with PureGym, to acquire Blink’s corporate operations and a substantial number of its locations across New York and New Jersey. 

This move, which still needs court approval, makes PureGym the top bidder before an auction on October 28, if other bids are received.

Guy Harkless, President and CEO of Blink Fitness, expressed optimism about the agreement. 

“For many years, Blink has been a cornerstone of inclusive, community-focused fitness,” President and CEO of Blink Fitness Guy Harkless said.  “As we continue to enhance our member experience and rejuvenate our key locations, PureGym’s interest underscores confidence in Blink’s mission to democratize fitness.”

“We remain committed to our promise of affordable fitness for all, ensuring our facilities remain vibrant spaces for personal wellness,” he affirmed.

PureGym CEO Humphrey Cobbold said “we are eager to expand our footprint in the U.S. market and enhance the customer experience at Blink locations.”

Blink Fitness in NJ, NY

In New York and New Jersey, PureGym plans to invest in facility upgrades, according to a recent press release.

The strategic expansion aims to integrate PureGym’s global expertise with Blink’s localized appeal, attracting fitness enthusiasts.

The deal requires approval from the Delaware bankruptcy court and gives PureGym “stalking horse” status. If other bids are received, a court-supervised auction will be held on October 28, according to Blink.

Why did Blink Fitness file for bankruptcy?

In its Chapter 11 petition, which was filed in Delaware bankruptcy court, Blink listed both assets and liabilities in the $100 million to $500 million range. Total debts for Blink and its affiliates filing for Chapter 11 amount more than $280 million, according to a court affidavit from Chief Restructuring Officer Steven Shenker on Monday, which also suggests the debtors may reject leases of certain facilities that are no longer in operation as part of wider cost-cutting efforts.

List of New York Blink Fitness gyms at risk of closing

Blink has long billed itself as an affordable gym “for every body” and was founded in 2011. 

Membership plans range from about $15 to $39 per month plus maintenance fees, competitive with rates from larger rivals like Planet Fitness and LA Fitness. 

Blink operates in seven U.S. states: New York, New Jersey, Pennsylvania, California, Illinois, Massachusetts and Texas.

Here is a list of New York locations that are listed in the bankruptcy filing: 

1. Blink 116th Street
2. Blink 125 Park
3. Blink 125th Street
4. Blink 2374 Grand Concourse
5. Blink 2465 Jerome Avenue
6. Blink 3779 Nostrand Avenue
7. Blink 56-02 Roosevelt Avenue
8. Blink 600 Third Avenue
9. Blink 78-14 Roosevelt Avenue
10. Blink 833 Flatbush Avenue
11. Blink 98th Street
12. Blink Eighth Avenue
13. Blink Farmers Boulevard
14. Blink Flatlands Avenue
15. Blink Fourth Avenue
16. Blink Gates
17. Blink Hicksville
18. Blink Jamaica Avenue
19. Blink Jerome Avenue
20. Blink Knickerbocker
21. Blink Liberty Avenue
22. Blink Metropolitan Avenue
23. Blink Myrtle Avenue
24. Blink Nassau Street
25. Blink Riverdale
26. Blink Southern Boulevard
27. Blink Steinway Street
28. Blink Sunset Park
29. Blink Utica Avenue
30. Blink Valley Stream
31. Blink Webster Avenue
32. Blink West 8th Street