Blink Fitness's two Philadelphia gyms — its only locations in the state of Pennsylvania — will shutter at the end of the month.
The chain plans to close its gyms on 5597 Tulip St. in Wissinoming and 330 W. Oregon Ave. in South Philadelphia on Aug. 30, according to messages posted to its website. Blink Fitness filed for bankruptcy Monday, citing $280 million in debt.
The company, which operates 101 low-cost gyms across seven states, is now seeking a buyer. It is currently owned by Equinox.
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"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 and will help ensure Blink remains the destination for all people seeking an inclusive, community-focused gym," Guy Harkless, president and CEO of Blink Fitness, said in a statement.
Blink Fitness will continue signing new members and operating its most popular locations through the bankruptcy process. The company said it has already raised $21 million from lenders that will support it through the proceedings, once the sum is approved in court.
More than half of Blink gyms are located in New York, but the chain also operates in Illinois, California, Massachusetts, Texas, Pennsylvania and New Jersey. It has 15 New Jersey locations – all in North Jersey. Its gyms in Parsippany and Union, New Jersey also will close Aug. 30.
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