Fitness Equipment Maker BowFlex Files Bankruptcy, Plans Sale (2)

BowFlex Inc., the maker of adjustable-weight dumbbells and other home-fitness equipment, filed bankruptcy with a deal to sell its business to Johnson Health Tech Retail Inc. for $37.5 million, subject to higher offers.

The Vancouver, Washington-based company listed assets of roughly $140 million and liabilities of nearly $126 million on a Chapter 11 petition in the New Jersey bankruptcy court.

BowFlex CEO Jim Barr said Tuesday that multiple potential bidders have expressed interest in the business and that the firm will take time in Chapter 11 to sell its assets for as much as possible.

The company blamed its ...