Fitness chain with gyms in Massachusetts files for Chapter 11 bankruptcy

A fitness chain with more than 100 locations nationwide, including in Massachusetts, has filed for Chapter 11 bankruptcy protection.

In filing for bankruptcy protection in the District of Delaware, Blink Fitness said it “made the strategic decision to execute an efficient and value-maximizing sale process to optimize its footprint and position the business for long-term success.”

The company will continue to serve its members while it looks to facilitate the sale process, according to Guy Harkless, President and CEO of Blink Fitness.

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

Harkless noted that Blink has received a commitment of $21 million in new debtor-in-possession financing from its existing lenders.

Blink operates two gyms in Massachusetts in Beverly and Medford, in addition to 99 locations in California (8), Illinois (6), New Jersey (15), New York (60), Pennsylvania (2), and Texas (8).

Download the FREE Boston 25 News app for breaking news alerts.

Follow Boston 25 News on Facebook and Twitter . | Watch Boston 25 News NOW