A Blink Fitness location in New York.
Bill Tompkins | Archives of Michael Ochs | Getty Images
Planet Fitness wants to acquire bankrupt budget fitness chain Blink Holdings, according to court documents seen by CNBC.
Planet Fitness had already lost in an auction to the private British fitness chain PureGym. Today, the American chain, with a market valuation of around $6.8 billion, is trying again.
Blink Fitness, chain of gyms belonging to the Equinox group filed for bankruptcy in August after a failed attempt by the luxury fitness group to enter the economy market. Since then, 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, bankruptcy filings show.
An acquisition of the Blink locations would expand PureGym’s U.S. operations after the company enters the market in 2021.
Planet Fitness’ initial offer was rejected in part due to concerns over antitrust considerations, people familiar with the matter told CNBC. Planet Fitness already has a significant share of the fitness club market with more than 2,000 clubs in the United States, according to Piper Sandler estimates.
In making a subsequent piece for Blink, Planet Fitness submitted two bids, according to filings.
One proposal offers $142 million for Blink’s assets, including a $28.4 million deposit, on the condition that Planet Fitness not be required to address antitrust concerns in advance.
A second proposal increases the offer to $155 million with a deposit of $31 million and includes filing selected regulatory documents that address antitrust concerns in advance.
A Delaware bankruptcy court will hold a audience Wednesday at 11 a.m. ET to review new offerings.
Planet Fitness did not return CNBC’s request for comment.
