BowFlex names stalking horse winning bidder for assets

By Sarah Lizee

Olympia, Wash., April 10 – BowFlex Inc. canceled an auction for its assets and named stalking horse bidder Johnson Health Tech Retail, Inc. the winning bidder, according to a notice filed Tuesday with the U.S. Bankruptcy Court for the District of New Jersey.

As a reminder, the company entered into a purchase agreement with Johnson Health Tech Retail to serve as the stalking horse bidder to acquire substantially all the assets of the company for $37.5 million in cash, less closing adjustment amounts for accounts receivable, inventory and transfer taxes.

The company received approval to provide bid protections to the stalking horse bidder, including a 3.5% breakup fee and a $600,000 expense reimbursement.

Under the bid procedures, the bid deadline was noon ET on April 5, an auction was scheduled for April 8, and a sale hearing will take place on April 15.

BowFlex is a home exercise equipment company based in Vancouver, Wash. The company filed bankruptcy on March 4 under Chapter 11 case number 24-12364.

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