Blink Fitness Receives Court Approval for Sale
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~ In a recent announcement, Blink Fitness, the popular affordable fitness brand known for its inclusive and welcoming environment, revealed that the U.S. Bankruptcy Court has approved the sale of its corporate operations and locations in New York and New Jersey to PureGym. The court also approved the sale of Blink's Chicago, Houston, and California locations to an affiliate of JTRE Holdings LLC.

According to Guy Harkless, President and CEO of Blink Fitness, this is another significant milestone in their sale process. He expressed excitement about emerging as a stronger business under new ownership that shares their mission and values. Harkless also thanked the members of Blink Nation for their dedication in providing an elevated gym experience.

PureGym's CEO Humphrey Cobbold shared his delight at the court's approval, which brings them closer to completing the acquisition later this year. He also praised the hard work and professionalism of both teams involved in making this deal happen.

Jack Terzi, CEO of JTRE Holdings LLC, expressed admiration for Blink's mission to make fitness accessible to all and stated that they are honored to continue this legacy through their acquisition. He emphasized the importance of having a welcoming environment for physical fitness in the communities they serve.

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Under the agreement announced on October 31st, PureGym will acquire Blink's corporate operations and a significant portion of its locations in New York and New Jersey for $121 million in cash. They will also assume certain liabilities. Additionally, an affiliate of JTRE Holdings LLC will acquire Blink's Chicago, Houston, and California locations.

Blink is working closely with JTRE Holdings LLC to ensure a smooth transition for these sites and will keep stakeholders informed as further decisions are made. It is important to note that franchise locations will continue to operate as usual and are not included in these transactions.

Both transactions are expected to close later this year. For more information on Blink Fitness' court-supervised process, interested parties can visit their restructuring website at http://www.BlinkFitnessFuture.com. Court filings and other related information can also be found on a separate website administered by the Company's claims agent, Epiq.

Blink Fitness is being advised by Young Conaway Stargatt & Taylor, LLP as legal advisor, Moelis & Company as financial advisor, and Portage Point Partners as restructuring advisor, with Steven Shenker serving as Chief Restructuring Officer.

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