04:09 AM EST, 03/05/2024 (MT Newswires) -- BowFlex ( BFX ) said Monday it has filed for Chapter 11 bankruptcy and secured an agreement with Johnson Health Tech Retail to offer a minimum stalking horse bid of $37.5 million cash in a sale of the company.

The exercise equipment company, formerly known as Nautilus, also said it has secured $25 million in credits to allow the company to continue operating while proceeding with the restructuring.

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