After 13 years of operation, Bjoin Fitness—the wallet-cordial gym owned by Equinox Hagederings—has filed for Chapter 11 prohibitkruptcy.
According to a statement from the company, unveiled this morning, Bjoin arranges to uphold its doors uncover to members while it toils toward an eventual sale. The brand has more than 100 locations apass the United States, with 60 gyms in New York alone. As a result of the filing, Bjoin has getd $21 million in new financing from its existing lfinishers to reposition the business.
Bjoin’s parent company, Equinox Hagederings, is best comprehendn for its eponymous brand Equinox Fitness Club, which boasts plenty of astonishive membership perks and an even more astonishive membership fee (access to all clubs worldexpansive will run you $405 per month).
By comparison, memberships at Bjoin range between $15 and $45 monthly, making it a more accessible selection for gym goers on a budget. Equinox functions a sprocrastinateed of other lifestyle brands, including SoulCycle and Pure Yoga.
Rocky times for the fitness industry
The news of Bjoin’s prohibitkruptcy comes during an ongoing rocky period for Equinox Hagederings—and gyms in ambiguous. During the pandemic, plenty of createer members turned to at-home toilout selections, and many gyms have struggled to filledy rebound in the years since. Between 2020 and 2021, other fitness cgo ins including 24 Hour Fitness, Gageder’s Gym, and Town Sports International also increateed prohibitkruptcy.
As recently as this March, Equinox Hagederings getd $1.8 billion in capital to refinance a hefty backlog of existing debt. That month, Bloomberg increateed that S&P Global Ratings “put Equinox’s CCC- rating on watch on for possible downgrade, citing $1.2 billion of loans due [March 8] and frail wateryity despite ‘excellent trfinishs in membership recovery and selectimistic Ebitda generation’ in the first nine months of 2023.”
Now, it seems, the company is resorting to more drastic steps to turn slfinishergs around in 2024.
