In a memo to employees this week, CEO and President Barry McCarthy said the layoffs were a 'necessary step' in completing Peloton's restructuring plan and returning to growth.
Peloton Interactive Inc. is cutting approximately 500 jobs, or about 12% of its workforce, the company announced Thursday.
“I know many of you will feel angry, frustrated and emotionally drained by today’s news, but please know this is a necessary step if we are going to save Peloton, and we are," McCarthy wrote in the Thursday morning memo, which Peloton sent to USA TODAY. Pointing to the company's loss of more than $100 million on retail sales last year, McCarthy noted that the next step will be"the right-sizing of our retail footprint," which could include significant store closures in the coming months.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Peloton Interactive cutting 500 jobs after losing $2.8 billionThursday’s statement followed Peloton’s August announcement that it would cut 784 jobs, close its North America distribution network and shift delivery work to third-party providers.
Read more »
Peloton Slashing 500 More Jobs as It Races to Return to GrowthPeloton is cutting about 500 jobs, as well, but CEO Barry McCarthy says no further layoffs are planned.
Read more »
Peloton cuts another 500 jobs, completing 'vast majority' of restructuringPeloton CEO Barry McCarthy said in a memo to employees that the cuts mark the completion of the 'vast majority' of its restructuring plan launched in February.
Read more »
Peloton to cut 500 jobs as company's turnaround efforts continuePeloton’s shares surged more than 400% in 2020 amid pandemic lockdowns, but sales have slowed as more people go back to the gym.
Read more »
Peloton is cutting another 500 jobs in its fourth round of layoffs this year | EngadgetPeloton is cutting another 500 jobs in its fourth round of layoffs this year
Read more »