Bankruptcy of Blink Fitness and Other Businesses
Blink Fitness, an affordable gym chain, filed for Chapter 11 bankruptcy to facilitate a sale of the business. The company has received $21 million in new financing to support ongoing operations. Other businesses like Red Lobster and Rite Aid have also faced bankruptcy issues.
Key Points
- Blink Fitness filed for Chapter 11 bankruptcy
- Received $21 million in new financing
- Other businesses like Red Lobster and Rite Aid also facing bankruptcy issues
Pros
- Blink Fitness remains open during the bankruptcy process
- Employees' wages and vendor payments are expected to continue without interruption
Cons
- Blink Fitness had to file for bankruptcy due to financial challenges