Bank of America to Buy Up to 49.9% Stake in Jio Credit for $1.92 Billion 
SMIC Shares Rally as Q2 Profit Surges 262% on Strong Chip Demand 
Sanrio Shares Plunge as Q1 Profit Miss Overshadows Strong Sales 
Google Pushes Gemini AI Overhaul as Sergey Brin Targets Model Supremacy 
Samsung, SK Hynix Shares Surge on Report of Potential Temasek Investment 
Bernstein Picks BYD and Xiaomi as Top China EV Stocks Despite Weaker Demand 
LG, Nvidia Expand AI Partnership With Humanoid Robots, AI Factories 
Thyssenkrupp Raises 2026 Profit Outlook as Steel and Materials Units Strengthen 
Maersk Raises 2026 Earnings Outlook as Shipping Profits Beat Expectations 
Cisco Forecasts Strong Fiscal 2027 Growth as AI Networking Demand Surges 
Lenovo Revenue Surges 43% as AI Demand Drives Record First-Quarter Growth 
Antofagasta Shares Drop 5% as Miner Cuts 2026 Copper Production Forecast 
ANZ Home Loan Applications Drop 12% After Australia Property Tax Changes 
Aviva First-Half Operating Profit Jumps 24% as Direct Line Deal Boosts Growth 
ASX Faces Legal Action Over Failed Blockchain CHESS Project 
Ford to Move Some Lincoln Production From China to U.S. in 2030 
Australia’s Corporate Leaders Face Parliament Over KPMG Client Data Scandal 
Add as a preferred source on Google
BowFlex Inc. confirmed on Tuesday, March 5, that it filed for Chapter 11 bankruptcy protection at a court in New Jersey. The company revealed it is selling its assets worth $37.5 million and struck a buyout agreement with Johnson Health Tech Retail Inc. for the acquisition.
BowFlex said the fitness and wellness brand agreed to buy its assets in cash. The company shared it was also able to secure $25 million in debtor-in-possession financing so it can continue to operate while paying for its financial obligations as it undergoes bankruptcy proceedings and sale.
Decline of the Business
Axios reported that BowFlex’s business collapsed as Americans started losing interest in cardio equipment. This resulted in a slowdown in sales, but expenses are going up.
Most people changed their lifestyles during the pandemic and have shifted to new workout routines. As a result, the home fitness industry is experiencing slumping sales as its equipment is no longer popular. This explains why many firms in the industry, like Peloton, are also struggling and fighting to avoid bankruptcy.
Approval for Chapter 11
BowFlex is seeking the approval of the proposed transaction under Section 363 of Chapter 11 in the U.S. Bankruptcy Code as the last resort to save the business. The approval will allow external interested parties to bid and forward higher or better offers. It should be noted that the transaction is still subject to approval by the Bankruptcy Court, customary conditions, and others that may be required by law.
“For decades, BowFlex has empowered healthier living and enabled consumers to reach their fitness goals with our innovative home fitness products and individualized connected fitness experiences,” BowFlex’s chief executive officer, Jim Barr, said in a press release. “As a result of the post-pandemic environment and persistent macroeconomic headwinds, we conducted a comprehensive strategic review and determined this was the best path forward for our Company.”
The CEO said, “We are fortified by the potential partnership with Johnson Health Tech and encouraged by the multiple parties that have indicated an interest in bidding for our Company. Our goal is to maximize value for our stakeholders through this process.”
Photo by: Jelmer Assink/Unsplash
