BowFlex Asset Sale and Executive Shakeup Post-Bankruptcy

BowFlex (BFXXQ) has issued an announcement.

Bowflex, Inc., and its subsidiaries, having filed for Chapter 11 bankruptcy, completed the sale of nearly all their assets to Johnson Health Tech Retail, Inc. for $37.5 million. The sale was approved by the bankruptcy court and unfortunately did not produce enough funds for common shareholders to receive any value for their shares. Proceeds from the sale were used to pay off the company’s term loan, resulting in the termination of the credit agreement. Following the sale, significant changes in the company’s board and executive team occurred, with several resignations and appointments, including a reduction in board size to two directors.

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