Vancouver exercise equipment company Bowflex said Wednesday it may have to file for bankruptcy if it can’t find someone to buy its business.
BowFlex has been looking for a buyer since September 2022. Meanwhile, the company’s sales were deteriorating and it began to run out of cash. Bowflex warned last week that it faced “significant doubts” about its ability to continue operating.
Bowflex informed investors in a regulatory filing Wednesday that it may have to dispose of its assets through bankruptcy if it cannot raise financing or find a buyer.portland business journal first reported Wednesday’s bankruptcy warning.
BowFlex was known as Nautilus until last year, but sold the rights to that name to shore up its finances. The company still sells home exercise equipment under the BowFlex, Schwinn, and JRNY brands.
The company grew rapidly during the pandemic as gyms closed and people turned to at-home workout equipment. Sales plummeted as exercise patterns returned to normal.
BowFlex’s revenue totaled $158 million in the first nine months of its current fiscal year, according to Wednesday’s filing. This was down from $218 million in the same period last year. The company reported a loss of $51.8 million in the most recent nine months and said it had about $18 million in cash at the end of December.
Bowflex stock was trading near $30 at the beginning of 2021, but on Wednesday, the stock price fell 25% to 21 cents per share.
— Mike Rogoway covers Oregon technology and the state’s economy. Please contact us at [email protected].
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