Jawbone, one of the early fitness wearables once valued at $3 billion, has begun liquidation proceedings, according to a report in The Information.

TechCrunch has since independently confirmed the findings.

Jawbone has faced product failures, production problems and financial hurdles over the last few years while dealing with several lawsuits against Fitbit. Co-founder and CEO Hosain Rahman has founded a new company called Jawbone Health Hub that will make health-related hardware and software services and the new company will reportedly service all existing Jawbone products once the original company formally bites the dust.

Photo courtesy Jawbone