IRVINE, CA -- Star Trac has definitely had a year of transition. The Irvine, CA-based manufacturer has undergone two rounds of layoffs, a change in presidents and a purchase of the company.

Rumors have been swirling around Star Trac for months—one being whether the company will file for bankruptcy. Recently, the company denied that rumor.

“Although this is a very challenging time for the fitness industry, the answer is no, Star Trac is not considering bankruptcy protection,” the company said.

A series of turnovers began in May, when Steve Nero resigned as president, replaced by Mike Leveque. In June, Star Trac laid off 100 employees, and in August, it laid off 10 members of its sales staff.

Michael Bruno of Land America Health and Fitness Co., Xiamen, China, purchased Star Trac in July. Bruno later hired Nero as a consultant for one of his medical supply companies.

Since Bruno's purchase of Star Trac, the company says it has restructured operations to improve its products, distribution and customer experience.

“To achieve this high level of proficiency that our clients and vendors have come to expect, we have adapted our operational activities to reflect these goals,” the company said in an e-mail. “This process includes re-engineering products and business segments, re-establishing vendor relationships and stabilizing the supply chain. We are also currently conducting good-faith negotiations with vendors in order to restructure outstanding payables.”

“This process is an integral step towards repositioning the organization for long-term success,” the company adds. “Our entire leadership team is committed to increasing our ability to provide the product innovation, quality reliability and customer service that have been the Star Trac brand legacy since 1988. We are determined to emerge as the global market leader in the commercial fitness industry.”