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☆ Planet Fitness loses 11th hour bid to acquire bankrupt Blink
▼ + stars: | 2024-11-13 | by ( Brandon Gomez | In Brandon-Gomez | ) www.cnbc.com time to read: +1 min

Planet Fitness lost its bid in bankruptcy court to acquire budget fitness chain Blink Holdings, according to court filings viewed by CNBC. Planet Fitness placed its competing eleventh hour bids early this month during a 48-hour challenge window. Late Tuesday, Delaware's bankruptcy court formally accepted PureGym's $121 million offer, which initially won at auction in late October. J. Kate Stickles, bankruptcy judge in the U.S. Bankruptcy Court of Delaware, said in Tuesday's hearing that PureGym's offer would avoid antitrust risks. PureGym's offer, assuming Blink's liabilities, also comes with 60 of Blink's fitness centers still operating in New York and New Jersey.

Persons: J, Kate Stickles, PureGym, Humphrey Cobbold Organizations: Holdings, CNBC, Bankruptcy Locations: Richmond , California, U.S, Delaware, New York, New Jersey, American

☆ Planet Fitness enters 11th hour bid for bankrupt Blink Fitness
▼ + stars: | 2024-11-06 | by ( Brandon Gomez | In Brandon-Gomez | ) www.cnbc.com time to read: +2 min

Planet Fitness wants to acquire bankrupt budget-fitness chain Blink Holdings, according to court filings viewed by CNBC. Planet Fitness previously lost out in a bankruptcy auction against U.K.-based, privately held fitness chain PureGym. Equinox Group-owned gym chain Blink Fitness filed for bankruptcy in August after a failed attempt by the luxury fitness group to enter the budget-friendly market. In making a subsequent play for Blink, Planet Fitness has submitted two offers, according to the filings. Planet Fitness did not return request for comment from CNBC.

Persons: PureGym, Piper Sandler Organizations: Holdings, CNBC, Equinox Locations: U.S, New York, New Jersey, Delaware

Latina women working full time, year-round earn 58 cents for every dollar paid to white, non-Hispanic men, according to data collected by the National Women's Law Center. That gap in pay translates to a loss of nearly $1.3 million over a 40-year career. Break that down further and Latinas lose $32,070 in wages per year, or $2,672 every month, compared with the dominant cohort. "The increase in lifetime losses and widening of the wage gap for all Latina workers, including part-time workers, is likely because white men's wages are increasing at a faster rate than other demographic groups," said Ashir Coillberg, NWLC senior research analyst. Despite the narrow improvement for full-time workers, the gap actually widens for part-time and part-year Latina workers, falling to 51 cents on the dollar compared with 52 cents last year.

Persons: NWLC, Ashir Coillberg Organizations: National Women's Law, Latina Locations: San Diego, San Diego , CA

"While rescheduling has advanced, and if adopted it would mark the largest incremental step forward in federal cannabis reform to date, the fact remains that it is not completed." In late August, Trump departed from his usual stance that cannabis legalization should be left up to each individual state. "The fact that both Republican and Democratic Presidential candidates now support federal cannabis reform increases the probability that federal cannabis legalization is simply a matter of time," said Bernstein analyst Nadine Sarwat, in a recent note. However, while candidate support has boosted the market, Bernstein also noted that growth has been stagnant in the category as it faces macro headwinds. "Despite all the headlines regarding potential federal reform, state-level sales performance is sobering," Sarwat said.

Persons: Kamala Harris, aren't, Harris, Harris's, Jason Wild, Biden, Brady Cobb, Cobb, Emily Paxhia, Donald Trump's, Trump, Bernstein, Nadine Sarwat, Sarwat Organizations: White, Democratic, Toronto Stock Exchange, Drug Enforcement Administration, Poseidon Investment Management, Cannabis ETF, Republican, Democratic Presidential Locations: Washington ,, United States, Florida

"Ultimately shirking fiduciary responsibility to employees, consumers, and shareholders." Twenty civil rights organizations sent a letter Thursday to Fortune 1000 companies calling for them to recommit to diversity, equity and inclusion, after several major companies scaled back their efforts. She emphasized that LGBTQ+ consumers have $1.4 trillion of buying power, as reported by the National LGBT Chamber of Commerce. But a small, well-funded, and extreme group of right-wing activists is attempting to pressure companies into abandoning their DEI programs. Abandoning DEI will have long-term consequences on business success -- ultimately shirking fiduciary responsibility to employees, consumers, and shareholders.

Persons: Bill Ackman, Molson Coors, Harley Davidson, George Floyd, Forman, Kelley Robinson, CNBC's, Robinson, Brown, Lowe's, John Deere, Harley, Davidson, Edelman Organizations: National Action Network, Molson, Ford, Tractor Supply, Human Rights, HRC, Brown, National LGBT Chamber of Commerce, Molson Coors, . Tractor Supply, Companies, McKinsey & Company, Pew Locations: New York City, Rural, United States

Molson Coors is the latest addition to a growing list of companies reversing their diversity, equity and inclusion policies. Molson Coors will also ensure all corporate charitable giving programs are focused on supporting "core business goals" such as alcohol responsibility, disaster relief efforts and promoting access to higher education. Although conservative activist Robby Starbuck characterized the moves as preemptive changes in response to his probe into the company's DEI practices one week ago, Molson Coors says in its memo that the decision "has been in process since March." Molson Coors' decision comes after a wave of retailers over the summer took a step back in their DEI efforts. Corporate DEI practices received renewed interest in the wake of the murder of George Floyd and the Black Lives Matter protests of 2020, but have struggled in the aftermath of the Supreme Court decision to overturn affirmative action in colleges.

Persons: Molson Coors, Robby Starbuck, Davidson, Lowe's, George Floyd Organizations: Molson, CNBC, Molson Coors, Groups, Business, Tractor Supply, Human Rights, Companies, Harley, Ford Locations: U.S, America

Blink Fitness, a budget-friendly gym chain owned by luxury fitness company Equinox Group, has filed for Chapter 11 bankruptcy protection. The fitness brand, with more than 100 centers in the U.S., is the latest chain to seek bankruptcy post-pandemic, following companies such as New York Sports Club, 24 Hour Fitness and Gold's Gym. Earlier this year, Equinox also launched a $40,000 annual gym membership aimed at its most affluent member base in an effort to improve its finances as well. Unlike Blink, Planet Fitness reported strong membership growth of 7% year over year in its second quarter to reach a total of 19.7 million members. Planet Fitness shares recently hit a 52-week high, reaching levels not seen since May 2023.

Persons: Guy Harkless, Blink, — Organizations: Equinox Group, New York Sports Club, CNBC, Fitness, Planet Fitness Locations: U.S

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