Sports nutrition brand MusclePharm files for bankruptcy

Sports nutrition brand MusclePharm files for bankruptcy

The chapter was filed in Nevada Bankruptcy Court.  Despite some reviews that the corporate had named one other CEO just lately, Ryan Drexler, who has headed the corporate for plenty of years, was listed on the chapter paperwork in that position.

The fling lists the corporate’s belongings at between $10 and $50 million, and places the liabilities in the identical vary, too. 

Three main collectors are itemizing within the submitting: Emery Tax Efficient, LP, Prestige Capital, and White Winston Select Assets Funds.  The submitting, which can up to date within the close to future, didn’t record greenback quantities as to how a lot every creditor is owed.

Rapid rise and fall

MusclePharm rose like a meteor within the early 2010s and crashed simply as spectacularly.  Its merchandise have been offered in additional than 100 international locations and nationwide within the United States, together with Costco and Walmart, in addition to by greater than 100 on-line shops, notably, bodybuilding.com and Amazon.

A founding group that included Denver resident and former NFL participant Brad Pyatt quickly constructed the model, which featured daring lime inexperienced packaging, to annual gross sales of greater than $150 million.

Part of that technique was to enroll excessive profile athletes and influencers, together with at one time Tiger Woods and Arnold Schwarzenegger.  

However, the corporate didn’t preserve prices below management, whether or not on account of poor enterprise practices or as a matter of subterfuge.  In 2015 the Securities and Exchange Commission charged the corporate with a sequence of accounting and disclosure violations, together with undisclosed funds in funds and in form providers to Pyatt and different executives.

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