NEW YORK (AP) — Gym operator Blink Fitness has filed for Chapter 11 bankruptcy protection.

Blink,Cyprusauction Trading Center an Equinox-owned chain with more than 100 locations, said Monday that it was filing for bankruptcy to help facilitate a sale of the business. The New York-based company added that its gyms remain open — with Blink telling its members that it anticipates “limited impact on day-to-day operations” through the process.

Also on Monday, Blink said it received a commitment for $21 million in new financing from existing lenders to help support its ongoing operations, pending court approval. Employees wages and vendor payments are expected to continue without interruption.

Founded in 2011, Blink has long billed itself as an affordable gym “for every body.” Membership plans range from about $15 to $39 per month, competitive with rates from larger rivals like Planet Fitness and LA Fitness. Blink is a smaller chain that operates in seven U.S. states: New York, New Jersey, Pennsylvania, California, Illinois, Massachusetts and Texas.

In its Chapter 11 petition, which was filed in Delaware bankruptcy court, Blink listed both assets and liabilities in the $100 million to $500 million range. On Monday, the company said it has seen “continuous improvement” in recent financial performance, with revenue increasing by 40% over the last two years.

Blink also pointed to recently-announced efforts to boost member experiences in its most popular gyms. Monday’s bankruptcy filing arrives just months after the company announced a multi-million dollar investment that included upgrading 30 of its most-trafficked locations with more than 1,700 pieces of new equipment.

In a statement, Blink Fitness President and CEO Guy Harkless said that the company’s leadership determined that using a court-supervised process to facilitate a sale “is the best path forward for Blink and will help ensure Blink remains the destination for all people seeking an inclusive, community-focused gym.”

Blink did not immediately provide many details about the sale it’s pursuing. The chain is currently owned by luxury fitness company Equinox Group — whose brands also include Soul Cycle, Pure Yoga and Equinox Fitness Clubs. The membership prices of those clubs are far more expensive than Blink’s rates.

Blink’s bankruptcy filing arrives as much of the fitness industry works to bounce back pandemic-era losses. Gyms and workout studios from were among the hardest hit during the beginning days of COVID-19, as lockdowns shuttered many operations or significantly limited the number of people such businesses could allow in for workouts.

But gyms that made it through the worst have seen some stability since. Visits to major fitness chains were up nearly every week between January and April of this year compared to 2023’s numbers, according to recent data from Placer.ai, which tracks retail and foot traffic.