Blink Fitness in New York City.
Bill Tompkins | Michael Ochs Archives | Getty Images
planet fitness The company wants to acquire bankrupt budget fitness chain Blink Holdings, according to court documents seen by CNBC.
Planet Fitness previously failed in a bankruptcy auction against British private fitness chain PureGym. Now, the U.S. chain, which is valued at about $6.8 billion on the public market, is making another attempt.
Blink Fitness, the fitness chain owned by Equinox Group, filed for bankruptcy in August after a failed attempt to enter the budget-friendly market. Since then, more than 100 of its fitness centers have fallen into bankruptcy court.
PureGym won a bankruptcy auction last week for Blink and its assets, including its 60 gyms in New York and New Jersey, for $121 million, bankruptcy documents show.
PureGym first entered the market in 2021, and the acquisition of Blink stores will expand PureGym’s business in the United States.
Planet Fitness’ initial offer was rejected in part due to concerns about antitrust considerations, people familiar with the matter told CNBC. Planet Fitness already has a sizable share of the U.S. health club market, with more than 2,000 clubs in the U.S., according to Piper Sandler estimates.
Planet Fitness submitted two offers when it subsequently partnered with Blink, documents show.
One of the proposals offered to acquire Blink’s assets for $142 million, including a $28.4 million deposit, provided that Planet Fitness did not resolve antitrust issues up front.
The second proposal raised the offer to $155 million with a $31 million deposit and included certain early regulatory filings to address antitrust concerns.
Delaware Bankruptcy Court will hold hearing New bids will be considered at 11 a.m. ET Wednesday.
Planet Fitness did not respond to CNBC’s request for comment.
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