The Street
  • 4 months ago
TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why Blink Fitness is filing for bankruptcy.

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Transcript
00:00I'm Conway Gittins reporting from the New York Stock Exchange.
00:02Here's what we're watching on the street today.
00:04There were green arrows across the board with the S&P 500 and the Nasdaq up for a third
00:09day in a row.
00:10A report showing a tame rise in July producer prices bolstered chance for a September interest
00:15rate cut by the Federal Reserve.
00:17Wall Street is looking ahead to the Consumer Price Index, which is due on Wednesday.
00:23Turning to corporate headlines, Blink Fitness has filed for bankruptcy.
00:28President and CEO Guy Harkless said in a statement, quote,
00:31After evaluating our options, the board and management team determined that using the
00:36court-supervised process to optimize the company's footprint and effectuate a sale of the business
00:42is the best path forward for Blink and will help ensure Blink remains the destination
00:47for all people seeking an inclusive, community-focused gym.
00:51Blink, which is owned by luxury gym Equinox, said it will close locations during the bankruptcy.
00:57It did not, however, detail how many of its 101 clubs will be impacted.
01:02Blink's restructuring means trouble for lower-priced gym options, as monthly memberships range
01:07from $15 to $45, compared to the national average of $40 to $70, excluding fees.
01:14Blink's bankruptcy comes as the fitness industry faces three challenges.
01:18First, consumers are cutting back on non-essential spending like gym memberships.
01:23Second, the roaring success of GLP-1 weight loss drugs is reshaping the fitness world.
01:30And finally, there are still lingering effects from the pandemic.
01:34Blink said it is still trying to make up for late rent payments it did not make during
01:39that tumultuous time.
01:4124-Hour Fitness and Gold's Gym went bankrupt during that period, and the industry saw 10,000
01:47locations close permanently.
01:49And that'll do it for your daily briefing.
01:51From the New York Stock Exchange, I'm Conway Gittins with The Street.

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