New York CNN —Peloton isn’t the only at-home exercise equipment company feeling the pain: BowFlex is too, announcing Tuesday that it has filed for bankruptcy.
BowFlex blamed its bankruptcy on the “post-pandemic environment and persistent macroeconomic headwinds” and said it received interest from “multiple” companies but chose Johnson Health Tech because it will “maximize value for our stakeholders through this process.”A $25 million debtor-in-possession financing will allow BowFlex (BFX) to operate normally and keep its employees paid.
Johnson Health Tech makes similar exercise equipment under the Matrix, Horizon Fitness and Vision Fitness brands.
Washington-based BowFlex makes several products, including treadmills, ellipticals and its well-known home-gym contraption that lets people do more than 70 weight-based exercises.
Peloton said last month that its turnaround plan isn’t going as planned and NordicTrack-owner iFit scrapped its plans to go public in 2022.
Persons:
BowFlex, Johnson, iFit
Organizations:
New, New York CNN, Johnson Health Tech, Fitness, Nautilus
Locations:
New York, Taiwan, Washington