Gym chain Blink Fitness filed for bankruptcy protection, becoming the latest chain to succumb to stiff competition and higher costs.

The company, a low-cost offshoot owned by luxury gym chain Equinox, filed for Chapter 11 protection in Delaware. Blink listed assets and liabilities of between $100 million and $500 million each in its bankruptcy petition.

Blink plans to keep operating while it tries to sell itself out of bankruptcy, according to a company statement. It has received $21 million of new financing from its lenders, it said.

Blink positions itself as a gym for everyone. More than 65 percent of its members are younger than 35, chief restructuring officer Steven Shenker said in court papers. Memberships range from $15 to $45 per month, he said.

The company operates separately from Equinox, which itself struggled to recover from the Covid-19 pandemic. A number of gyms including 24 Hour Fitness, Gold’s Gym, and Town Sports International went bankrupt in the wake of the virus.

Equinox received $1.8 billion to refinance its debt maturities earlier this year. Blink, for its part, has more than $280 million of debt across loans, notes and trade debts, according to court papers.

Blink operates more than 100 fitness centres in the US, 60 of which are in New York. The company employs about 2,000 people.

The case is Blink Holdings Inc., 24-11686, US Bankruptcy Court for the District of Delaware.

By Maria Clara Cobo

Learn more:

How to Build a Boutique Fitness Empire

A wave of star trainers are starting their own businesses. Do any have what it takes to build the next SoulCycle?