BowFlex Files for Bankruptcy with Deal to Be Acquired by Johnson Health Tech

Dow Jones

Mar 05, 2024

By Colin Kellaher

Home-fitness company BowFlex has filed for chapter 11 bankruptcy with a deal in hand to be acquired by specialty fitness retailer Johnson Health Tech.

BowFlex on Tuesday said it has secured a commitment for $25 million in debtor-in-possession financing that will allow the Vancouver, Wash., company to continue operating in a normal course and to fulfill customer orders during the bankruptcy process.

Taiwan's Johnson Health Tech will act as the stalking horse, or lead, bidder in a court-supervised auction for BowFlex with a bid of $37.5 million in cash for substantially all of the company's assets.

BowFlex said multiple parties have indicated an interest in bidding for the company.

Johnson Health Tech, whose fitness brands include Matrix, Horizon Fitness and Vision Fitness, operates more than 460 locations in Asia, Europe and the Americas.

BowFlex said it initiated the chapter 11 proceeding in the U.S. Bankruptcy Court for the District of New Jersey.

Shares of BowFlex closed Monday at 19.5 cents. Shareholders are generally wiped out in bankruptcy cases.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

March 05, 2024 06:08 ET (11:08 GMT)

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