Bowflex, a home fitness company whose sales surged during the pandemic, has filed for Chapter 11 bankruptcy.  You may remember Bowflex as the company with the full-body workout machine that gained popularity with infomercials but also sold other pieces of exercise equipment, such as treadmills and ellipticals. 

Bowflex Surged Then Sank

As with other home fitness companies, Bowflex initially found its sales increasing after the pandemic but then had to pull back.  Bowflex laid off 15% of its employees in 2023 and sold its Nautilus brand for $10.5 million while continuing its sale of Schwinn exercise bikes.  

Bowflex Owes $126 Million in Debt

Bowflex reported in its bankruptcy filing that it has $140 million in assets and $126 million in liabilities. Over $60 million of its debts are owed to component suppliers and manufacturing partners.  

Bowflex Can Restructure Its Debt

Filing a Chapter 11 bankruptcy allows a business to restructure its debt with court involvement. Along with that restructuring, Bowflex has obtained a loan that would provide $9 million.  

Johnson Health Tech Has Offered to Buy Bowflex

However, Bowflex has been seeking a buyer for the company since 2021, and a sale can also take place with bankruptcy court approval. Johnson Health Tech, a Taiwanese company that also has a North American headquarters, has offered to purchase the company for $37.5 million.   The timeline on Johnson Health Tech’s website shows that the company has been growing globally and manufactures treadmills, ellipticals, and stationary bikes, as well as weight machines and even massage chairs.  Brands you would recognize under the Johnson Health Tech current ownership umbrella include Horizon and NordicTrack.

Bowflex Will Be Auctioned To The Highest Bidder

 The bankruptcy court will hold an auction where another buyer can offer more than Johnson Health Tech’s offer and purchase the company. We’ll update you with any further news that would affect the home fitness arena!  

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