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Flywheel Sports files for bankruptcy, closing all its studios

Flywheel has filed for bankruptcy.

The fitness company was in business for 10 years and once had 40 studios across the United States.

Earlier this year, Flywheel lost a major legal battle to its competitor.

Peloton sued Flywheel alleging the company copied its technology used to create the in-home bikes.

The patent infringement case initially caused Flywheel to close only a dozen of its studios along with all virtual classes.

The pandemic later forced the company to layoff nearly all staff and close all studios.

Flywheel hasn't commented on the bankruptcy filing.

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