SPINNING OUT: Peloton cuts another 500 jobs, completing 'vast majority' of restructuring
Peloton will issue another round of job cuts, laying off about 500 people, or approximately 12% of its workforce, as the fitness giant continues to work to turn its struggling business around.
"Decisions like this are incredibly difficult and Peloton is doing all we can to help our impacted colleagues," a Peloton spokesperson told FOX Business. "As we pivot to growth, today marks the completion of the vast majority of our restructuring plan we began in February 2022."told The Wall Street Journal that while the cuts are company-wide, its marketing department would be hit the hardest. The Journal first reported the story.
The latest layoffs, which leave the company with a total of roughly 3,800 employees globally, will help Peloton reach break-even cash flow by the end of fiscal year 2023. In 2021, the company grew to more than 8,600 employees as it worked to meet the uptick in consumer demand spurred by the COVID-19 pandemic.
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