8 hours ago
A Blink Fitness location in New York City.
Bill Tompkins | Michael Ochs Archives | Getty Images
Planet Fitness wants to acquire bankrupt budget-fitness chain Blink Holdings, according to court filings viewed by CNBC.
Planet Fitness previously lost out in a bankruptcy auction against U.K.-based, privately held fitness chain PureGym. Now the U.S. chain, with a public market valuation of roughly $6.8 billion, is making another attempt.
Equinox Group-owned gym chain Blink Fitness filed for bankruptcy in August after a failed attempt by the luxury fitness group to enter the budget-friendly market. Since then, its more than 100 fitness centers have been tied up in bankruptcy court.
Last week, PureGym won the bankruptcy auction for Blink and its assets, including 60 of its gyms in New York and New Jersey, with a bid of $121 million, according to bankruptcy filings.
An acquisition of Blink locations would expand PureGym's U.S. operations after the company first entered the market in 2021.
Planet Fitness's initial bid was rejected in part because of concerns around antitrust considerations, people familiar with the matter told CNBC. Planet Fitness already owns a significant share of the fitness club market with over 2,000 clubs in the U.S. according to estimates by Piper Sandler.
In making a subsequent play for Blink, Planet Fitness has submitted two offers, according to the filings.
One proposal offers $142 million for Blink's assets, including a $28.4 million deposit, provided that Planet Fitness isn't required to address antitrust concerns in advance.
A second proposal increases the offer to $155 million with a $31 million deposit and includes making select regulatory filings that address antitrust concerns in advance.
A Delaware bankruptcy court will hold a hearing Wednesday at 11 a.m. ET to consider the new bids.
Planet Fitness did not return request for comment from CNBC.
