BowFlex, the brand known for its fitness training equipment, has announced its filing for bankruptcy.

The company has filed for Chapter 11 and said Johnson Health Tech, a Taiwan-based company, would “acquire substantially all of the assets” for $37.5 million in cash, reports CNN.

According to the CNN report, BowFlex blamed its bankruptcy on the “post-pandemic environment and persistent macroeconomic headwinds” and said it received interest from “multiple” companies but chose Johnson Health Tech because it will “maximize value for our stakeholders through this process.”

Washington-based BowFlex makes home exercise equipment including treadmills, ellipticals and its well-known home-gym machine. The company, which employed 521 in June, laid off 15% of its staff last year, reports The Oregonian.