The
future of all of National Fitness Chain's gyms is unknown as it files for
bankruptcy.
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While many companies were severely impacted by the pandemic, few were more so
than gyms. When they were able to reopen after being forced to close during the
lockdowns, the number of persons who could enter was restricted. Additionally,
health clubs were not eligible for any federal assistance tailored to their
industry, unlike pubs and restaurants. As a result of all those problems, 25%
of health clubs have permanently closed since the start of the epidemic,
according to the National Health and Fitness Alliance. A large national chain
of gyms has just declared bankruptcy.
Equinox owns Blink Fitness, which has filed for Chapter 11 bankruptcy,
according to Bloomberg. Declaring, "Over the last several months, we have
been focused on strengthening Blink's financial foundation and positioning the
business for long-term success," the CEO of the company claimed that the
choice was the right one for Blink to make going forward. We are grateful to
our vendors and partners for their continuous support, as well as our whole
corporate and gym team for their unwavering commitment to our members. We
anticipate growing as a firm even more as a result of this procedure."
Blink, purportedly including more than 300,000 members, aims to devise a strategy
for compensating its debtors. Despite a 40% rise in income over the previous
two years, they have stated that they want to close 10% of their gyms as a
result of the bankruptcy.
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