After years of fighting with its rival Fitbit over fitness trackers, Jawbone, the personal electronics company that was once valued at almost $3 billion, is reportedly preparing to shut everything down and sell off all of its assets.

The Information was the first to report the news, citing sources who say Jawbone founder and CEO Hosain Rahman is moving on to form a new company called Jawbone Health Hub. Though the company has yet to offer comment on the reports, Business Insider and The Verge said they have also confirmed the news with insiders.

Many of Jawbone’s employees have already shifted to the new venture, which will be focused on medical software and hardware. Sources said the company has already rustled up some funding for the company, without putting a dollar amount on that figure.

Your Jawbone devices should still work after the company goes kaput, as The Information cites insiders who say the company will continue to service existing products.

Jawbone isn’t the only wearables company to end up on the trash heap: Pebble, which caused a stir when it raised $10.3 million in Kickstarter pledges back in 2012, sold off its software assets to Fitbit last year.