PITTSBURGH -- Strive Enterprises Inc., an equipment manufacturer based in McMurray, PA, has filed for Chapter 11 bankruptcy. The company is still in operation.
Strive President John Salvitti submitted the filing Sept. 23 in U.S. Bankruptcy Court for the Western District of Pennsylvania, Pittsburgh. Salvitti listed assets for the company between $100,000 and $500,000 and debts between $10 million and $50 million, according to court documents. He also listed between 200 and 1,000 creditors.
One of the creditors listed is Salvitti’s father, E. Ronald Salvitti, who is owed $27 million, according to the filing. Ronald Salvitti, a large investor in the company, is a prominent eye doctor in western Pennsylvania. He is the founder and medical director of the Southwestern Pennsylvania Eye Center.
A person in the law office of Robert Lampl, the attorney representing John Salvitti, said schedules in the bankruptcy case are not completed and that a meeting with creditors has not yet been set.
Strive has served the industry since 1979. The company became incorporated in 1989, according to its Web site. In 1994, Strive’s medical equipment was featured on The Discovery Channel. A year later, Strive introduced the first line of commercial strength equipment equipped with Smart Strength technology.
In August, John Salvitti was the recipient of the 2009 Distinguished Service Award at the National Fitness Trade Show in Reno, NV.