TAICHUNG, Taiwan – April 23, 2024 – Johnson Health Tech Retail, Inc., the US-based retail subsidiary of Johnson Health Tech, Co., Ltd (TPE: 1736), announces the final purchase of BowFlex for $37.5 million, as adjusted pursuant to the terms of the asset purchase agreement. Johnson Health Tech Retail purchased substantially all the assets of BowFlex in a bankruptcy auction, including the BowFlex, Schwinn, and JRNY brands, along with existing finished goods and parts inventory. The sale was officially approved by bankruptcy court on April 15, 2024, and closed on April 22, 2024.
Pursuant to the final terms of its winning bid, Johnson Health Tech Retail will only acquire a limited list of liabilities of BowFlex, and BowFlex is expected to use the purchase proceeds to repay its senior and trade creditors, as well as pay its remaining employees, as required by applicable law. Other than the select liabilities assumed by Johnson Health Tech Retail, the company will not assume any other prior or existing liabilities of BowFlex.
“The strong BowFlex consumer brands will be a fantastic complement to our existing retail portfolio,” said Jason Lo, Johnson Health Tech, Inc. Chief Executive Officer. “This investment will allow us to offer a more diverse, holistic product range to the consumer market.”
Johnson Health Tech Retail intends to fold the existing BowFlex and Schwinn operations into its existing North American sporting goods/ecommerce group. BowFlex will complement the existing team with many subject matter experts from the BowFlex organization so it can continue to offer market-leading solutions to its at-home customers. This integration process is already underway.
About Johnson Health Tech
Johnson Health Tech, Co Ltd., Taiwan, is among the world's largest and fastest-growing fitness equipment manufacturers and is home to some of the most respected brands in the fitness and wellness industry, including: Matrix, Vision, Horizon, Fujiiryoki, and Johnson Fitness & Wellness. The company manufactures a wide assortment of equipment for both commercial and residential use and is the world’s leading specialty fitness retailer with more than 460 retail locations worldwide. www.johnsonhealthtech.com