Blink Fitness, the low-price gym chain with monthly memberships ranging from $15 to $45, filed for bankruptcy Monday and said it may close an unspecified number of its 101 clubs.
Several major chains, including 24 Hour Fitness and Gold’s Gym, filed for bankruptcy.
Blink’s bankruptcy shows the lingering impact of the pandemic on the fitness industry.
“It’s a sign that this is an industry still going through growing pains post-Covid,” Rick Caro, the president of fitness industry consulting firm Management Vision, told CNN.
The fitness industry faces other challenges, such as consumers cutting back on discretionary spending and the rise of GLP-1 drugs used for weight loss.
Persons:
Blink, ” Rick Caro
Organizations:
New, New York CNN, Health & Fitness Association, Management Vision, CNN
Locations:
New York, New York , New Jersey , California, Texas