Med-Fit Systems Inc., the Fallbrook, CA-based manufacturer of Nautilus commercial fitness equipment, announced Monday it is putting the commercial assets of Nautilus Inc. up for sale and is cutting staff at its plant in Independence, VA.

Med-Fit Systems was close to a sale with another manufacturer in the industry shortly after the conclusion of the International Health, Racquet and Sportsclub Association (IHRSA) show last month in San Diego, but the deal fell through, a source told Club Industry.

Med-Fit Systems did not have a booth on the show floor at IHRSA, but it did display equipment in a room at the Hard Rock Hotel across the street from the San Diego Convention Center.

"Med-Fit Systems expects that a synergistic partner will be able to take the company to the next level with the appropriate capitalization needed to excel in the highly competitive global marketplace," the statement from the company said.

A recent slowdown in sales led to a reduction of seasonal staff, according to the company, which also produces its Korebalance balance assessment and rehabilitation products at the plant. The company did not say how many staff members were let go.

Med-Fit Systems acquired Nautilus commercial in 2010 for an undisclosed sum. It later bought the land and the 262,000-square-foot facility in Virginia for $2.1 million. In 2011, the company transferred all manufacturing of Nautilus products from overseas to the Virginia plant.

"Nautilus strength units are recognized worldwide as the best available, and the brand enjoys unparalleled name recognition on all continents," the statement from the company said. "Med-Fit Systems saved this iconic brand and, after four years of putting a new foundation in place, it is now time for the right partner to build upon this foundation and take the company to new heights."