Blink Fitness, a low-cost gym with over 100 locations, files for bankruptcy [Video]

Blink Fitness, the low-cost gym chain with over 100 locations across the United States, announced Monday it is entering into Chapter 11 bankruptcy.

The New York-based company said it was entering into the court-supervised restructuring in an attempt to facilitate a sale of the business. Blink announced it has also received a commitment of $21 million in new financing from existing lenders, pending court approval, to help support ongoing business operations as the bankruptcy process moves forward.

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“Over the last several months, we have been focused on strengthening Blink’s financial foundation and positioning the business for long-term success,” CEO Guy Harkless 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 for Blink.”

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