Blink Fitness has filed for bankruptcy protection after reeling from the lingering impact of the pandemic and competing in a crowded arena that includes other low-cost chains and smaller boutique gym facilities.

The New York-based company, touting itself as being all-inclusive and for "everybody," on Monday said it had voluntarily filed for Chapter 11 in the U.S. Bankruptcy Court of the District of Delaware to facilitate a sale of its business. Blink announced it had made the "strategic decision to execute an efficient and value-maximizing sale process to optimize its footprint and position the business for long-term success."

Blink is part of high-end gym operator Equinox Holdings, owned by a group of investors that includes Harvey Spevak and some executives of New York developer Related Cos. Blink has 101 locations throughout New York, New Jersey, Pennsylvania, California, Illinois, Massachusetts and Texas. None are expected to close, according to the firm. The chain's 443,000 members are led by Generation Z, with more than 65% of its members younger than 35 years old.

The pandemic, and its forced business closings, wreaked havoc on the fitness industry, leading to a number of prior bankruptcies by chains such as 24 Hour Fitness, Town Sports International and Gold's Gym. Blink, launched in 2011, survived COVID-19, but is still enduring financial woes in part relating to leases, according to court documents.

"Notwithstanding the debtors’ efforts to invest in member experience and infrastructure, which has resulted in increased membership (directly correlating to increased revenue), the debtors have suffered from liquidity constraints resulting from, among other things, the effects of the pandemic, including burdensome lease deferral obligations incurred when the debtors’ clubs temporarily closed, substantial funded debt obligations, and a subset of underperforming clubs that contributed a significant negative impact on EBITDA in the 12-month period leading up to the petition date," Chief Restructuring Officer Steven Shenker said in an affidavit.

In addition, Blink, where members pay $15 to $45 a month, has competitors who also charge affordable fees like Planet Fitness and Retro Fitness. And since the pandemic, there's been a boom in small boutique or studio-sized facilities, such as Orangetheory.

In connection with the court-supervised process, Blink said it's received a commitment of $21 million in new debtor-in-possession financing from its existing lenders. The company said that once approved by the court, the new financing, combined with cash generated from the company's ongoing operations, will support the business during the sale process.

"Over the last several months, we have been focused on strengthening Blink's financial foundation and positioning the business for long-term success," Guy Harkless, the chain's president and CEO, said in a statement. "We look forward to emerging from this process as an even stronger business."

Over the past two years, Blink's revenue has increased by nearly 40%, according to the company. And earlier this year, Equinox obtained $2 billion in capital to refinance loans and advance its growth, Bloomberg News reported in March.

Throughout its sale process, Blink said it plans to keep its gyms open and "remains committed to its recently announced strategic initiatives to reinvigorate its most popular gyms, elevate its member experience and deepen its community connections, with a continued focus on democratizing fitness for all."

The chain also said it intends to pay vendors and suppliers in full under normal terms for goods and services provided on or after the filing date.

Blink is represented by Young Conaway Stargatt & Taylor as legal adviser, Moelis & Co. as financial adviser, and Portage Point Partners as restructuring adviser, with Steven Shenker serving as chief restructuring officer.