US Employment News
Peloton To Cut 400 Jobs Around The World As CEO Steps Down
Peloton is slashing around 400 jobs globally as part of a restructuring initiative, as CEO Barry McCarthy steps down.
The move is part of ongoing efforts to revitalize the company's business.
Peloton has been undergoing a major rebranding since last year.
It has transitioned from a luxury exercise equipment seller to a broader health technology brand.
During the COVID-19 pandemic, the New York-based company saw a surge in sales as lockdowns boosted demand for its high-end bikes and treadmills.
Customers paid monthly fees for access to interactive workouts, propelling the company's share price to increase over fivefold in 2020.
However, as vaccines became widespread in 2021 and people began returning to gyms, Peloton's sales momentum slowed.
Financial struggles have marked recent times for Peloton.
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