Equipment maker TRX filed for bankruptcy and is seeking a buyer.
Best known for its suspension training straps, the company also offers educational programming, digital content, and fitness accessories.
Reset. Voluntarily entering Chapter 11 bankruptcy, TRX will remain operational as it pursues a sale. Despite recording growth during the pandemic, the company said it’s restructuring as the fitness landscape shifts:
“Today’s action addresses the headwinds facing the business such as increased competition and macroeconomic challenges being faced by many other companies. This process will allow TRX to substantially reduce its debt and more rapidly adjust to post-pandemic consumer demands.”
Between the lines: Enhancing its omnichannel efforts on all fronts—from equipment to digital workouts and in-club offerings—TRX hopes to optimize its business beyond the workout-from-home gold rush.
Zooming out: A trend we detailed in Issue No. 177, with the fitness industry in flux, M&A is heating up.
- Core Health & Fitness recently acquired Wexer and equipment maker Jacobs Ladder.
- HighPost Capital bought and merged Chris Hemsworth’s digital fitness app Centr and equipment maker Inspire Fitness.
- Wahoo, a cycling technology company, scooped up virtual training platform RGT Cycling.
TBD. With TRX set to change hands, private equity aside, the brand could be attractive to a more robust digital content provider or an equipment maker with a complementary portfolio.