September 13, 2022
The embattled connected fitness company’s future has become a little clearer as co-founder and former CEO John Foley announced his resignation from the executive chairman seat and fellow co-founder Hisao Kushi set an Oct. 3 exist date from the chief legal officer position.
Inventory levels are starting to normalize with a healthy Back-to-School thus far while the expansion of Heydude distribution picked up in the quarter, Crocs reported at the Piper Sandler investor conference.
The connected strength training platform is looking to raise $100 million in a new funding round that would value the company at $1.9 billion, according to Bloomberg.
The bike and fitness technology company had its issuer credit rating downgraded to CCC from B- with a negative outlook by S&P, after weaker than expected Q2 revenue and earnings due to flagging demand and rising costs.
Plaintiffs Ashley Sofranac, Robin Canale, and Ricardo Mendoza are suing iFit Health & Fitness in a proposed class action filed in CA district court on behalf of NordicTrack bike or treadmill consumers because iFit software updates may render their machines inoperable.