Reasonably priced gyms: Blink Health to shut over 100 areas following chapter submitting
NEW YORK — It may get tougher to seek out an inexpensive fitness center.
Blink Health, the low-price fitness center chain with month-to-month memberships starting from $15 to $45, filed for chapter Monday and stated it might shut an unspecified variety of its 101 golf equipment.
Blink is owned by luxurious fitness center chain Equinox and is positioned primarily in cities and suburban areas in New York, New Jersey, California and Texas. Blink has greater than 400,000 members.
Round 25% of US gyms and studios completely closed through the Covid-19 pandemic – roughly 10,000 amenities, in line with the Well being & Health Affiliation, an trade commerce group. A number of main chains, together with 24 Hour Health and Gold’s Gymnasium, filed for chapter.
Blink’s chapter reveals the lingering affect of the pandemic on the health trade. Throughout the peak of the pandemic in 2020, Blink quickly closed all of its golf equipment, leaving it with out income to fund operations. Blink stated in its chapter submitting that it’s nonetheless financially constrained by hire funds it had postpone and was nonetheless making an attempt to atone for from the pandemic. An undisclosed variety of its golf equipment are additionally unprofitable.
“It is a signal that that is an trade nonetheless going by means of rising pains post-Covid,” Rick Caro, the president of health trade consulting agency Administration Imaginative and prescient, instructed CNN.
The health trade faces different challenges, resembling shoppers reducing again on discretionary spending and the rise of GLP-1 medicine used for weight reduction.
Luxurious gyms resembling Life Time Health are buying weight reduction clinics with medical doctors who can prescribe GLP-1s, the highly effective new class of medicines which have confirmed to be extremely efficient at serving to folks shed weight, whereas Equinox is designing train packages particularly for folks taking the drugs.
ALSO READ | Couple forsaking legacy of affection and knowledge as Katinka in East Village set to shut
Leisure reporter Joelle Garguilo follows the journey of beloved mother and pop store on East ninth Avenue because it prepares to shut its doorways.
———-
* Get Eyewitness Information Delivered
* Extra New York Metropolis information
* Obtain the abc7NY app for breaking information alerts
Submit a tip or story concept to Eyewitness Information
Have a breaking information tip or an concept for a narrative we must always cowl? Ship it to Eyewitness Information utilizing the shape under. If attaching a video or photograph, phrases of use apply.
