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Originally Posted by Ksyrup
I wonder how successful other fitness companies have been in navigating the pandemic to post-pandemic consumer demand surge to going back to somewhat normal. I mean, the pandemic's not technically over, but most people are starting to act like things have gone back to normal, and that includes going back to the gym.
The thing I love about iFit is it's not simply a group gym workout app, but a fitness and travel app. I don't know if they are going to have similar issues, but I feel like their product is better-suited to longevity because it doesn't just replicate the gym experience (which is what Peloton highlights on its commercials).
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Follow-up on my post from about a month ago wondering about how it's going at iFit...
IFit CEO To Step Down Amid Capital Infusion | SGB Media Online
Once you get past the fluff, the key parts:
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Monday’s moves follow IFit’s indefinite delay of an IPO this past October with the postponement blamed on “adverse market conditions.” The delay comes amid challenges faced by Peloton and signs from other vendors of a slowdown in demand for home fitness following an initial surge during pandemic-driven lockdowns.
As first reported on January 26 by the New York Post, the maker of NordicTrack exercise bikes was hit by a $300 million lawsuit that threatened to force the company into bankruptcy. The suit was filed by hedge fund Pamplona Capital Management, which lent IFit $200 million in 2019. According to court documents, Pamplona’s lawsuit sought to take back the original loan, plus $100 million in interest. It reportedly stemmed from a dispute with the top shareholder over IFit’s acquisition of an unnamed Chinese manufacturing company. As noted in Monday’s press release, the litigation was amicably resolved.
This past Friday, The Salt Lake City Tribune reported that IFit had launched another round of layoffs to reduce expenses amid supply chain challenges, particularly in securing steel, resins and microchips needed to manufacture its connected fitness equipment. The company announced a separate round of layoffs in December.
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__________________
M's pitcher Miguel Batista: "Now, I feel like I've had everything. I've talked pitching with Sandy Koufax, had Kenny G play for me. Maybe if I could have an interview with God, then I'd be served. I'd be complete."
Last edited by Ksyrup : 03-03-2022 at 01:13 PM.
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