Bye-bye Jawbone

It might be time to say goodbye to Jawbone.

The electronics company, known for its fitness trackers and portable speakers, has started liquidation proceedings after years of financial struggle, The Information reported on Thursday. A notice sent to creditors reportedly said the company entered into insolvency proceedings under California law on June 19.

Jawbone co-founder and CEO Hosain Rahman has launched a new company called Jawbone Health Hub that will focus on health-related hardware and software, a "person close to Jawbone" told The Information. Many Jawbone employees joined the new company earlier this year, said the report, and it will service Jawbone devices going forward.

Jawbone declined to comment.

Jawbone has struggled to compete against companies like Apple and Fitbit. Last year, it was reported that Jawbone put its Jambox speaker business up for sale, and in November 2015 it laid off 15 percent of its global workforce.

Jawbone has also been involved in a series of lawsuits against Fitbit, alleging the wearable rival stole trade secrets by poaching employees. In October 2015, a San Francisco judge ordered five Fitbit employees to return confidential information they took before leaving Jawbone.