Peloton Will Slash Jobs and Raise Prices in Turnaround Effort –


The company also set a mandatory deadline of Nov. 14 for employees to return to the office at least three days a week.

Last month, Peloton announced that it would outsource its manufacturing to an overseas company. In February, John Foley, a founder of Peloton, stepped down as chief executive and was replaced by Mr. McCarthy. The company laid off 20 percent of its work force, some 2,800 workers, that month.

The company experienced a spike in demand in the spring of 2020, becoming a pandemic darling, before interest waned as gyms reopened. This year, Peloton temporarily halted production of its bikes and treadmills, and its losses deepened.

Negative television portrayals hit the stock price as well. In December, Mr. Big, a character in the “Sex and the City” revival show, died after working out on a Peloton bike. Then a main character on the Showtime drama “Billions” had a heart attack while riding a Peloton bike in the show’s Season 6 premiere.

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