I Love My Heart Corp., a company that billed itself as upstate’s oldest specialty fitness equipment retailer, has closed its doors.
The Clifton Park retailer filed for Chapter 7 liquidation in U.S. Bankruptcy Court in Albany Friday, shortly after Saratoga National Bank and TD Banknorth repossessed two company vans.
“I knew things were slow, but in the past I’ve always been able to get by. But this time sales were drastically down in April and May,” said I Love My Heart President Edward Bernstein, who also is a physical therapist.
I Love My Heart, which Bernstein founded in 1986, sold everything from treadmills and ellipticals to rowers and home gym sets. Over 80 percent of I Love My Heart’s customers were individuals. Apartment complexes, corporations and hotels comprised the rest of its clientele.
At its peak around 2001, I Love My Heart employed seven, but until its end last week, Bernstein ran the business alone.
Bernstein attributed I Love My Heart’s demise to a slowing economy, heightened competition from sporting goods stores and rising fuel costs. The company had struggled to maintain its promise of free equipment delivery to locations within 40 miles of its Crescent Road store.