Peloton is cutting another 500 jobs as it seeks to return to growth after a rough few quarters.
The cuts, which impact about 12% of Peloton’s workforce, represent the latest round of layoffs for the beleaguered connected fitness brand this year. They also represent Peloton’s push to return to growth after being hit with rising costs and a slowdown in demand as more people return to gyms and live classes.
In a letter to employees announcing the most recent cuts, Peloton CEO Barry McCarthy said the job cuts are meant to help the company break even by the end of fiscal year 2023 and marks the completion of most of the restructuring plan.
Peloton’s former CEO John Foley announced in February that he would step into a new role as the company’s executive chair, with former Spotify CEO Barry McCarthy taking over as chief executive. The company also announced layoffs off about 2,800 employees across the globe as part of a plan to “position Peloton for long-term success.”
“Our goal is to control our own destiny and assure the future viability of the business,” McCarthy wrote in the letter, in which he described the measures as a “necessary step to save Peloton.”
Peloton is also restructuring its retail footprint as well after it lost more than $100 million on retail last year, McCarthy said.
Peloton last week announced a partnership with Dick’s Sporting Goods to sell its equipment at more than 100 locations as well as the retailer’s website. In August, Peloton said it would start selling its cycling bike, guide, apparel, shoes and accessories via Amazon’s website in the U.S., marking its first retailer partnership outside of its owned stores and website.
This week, Peloton announced a new partnership with Hilton, which involves placing a Peloton Bikes in every U.S. hotel in its portfolio.
“I know we can make Peloton a great comeback story if we continue to fight for it,” McCarthy wrote. “As I have said, this is not easy, but I’ve never been more confident in Peloton and where we are going.”
OVERVIEW
OnMyWay Is The #1 Distracted Driving Mobile App In The Nation!
OnMyWay, based in Charleston, SC, The Only Mobile App That Pays its Users Not to Text and Drive.
The #1 cause of death among young adults ages 16-27 is Car Accidents, with the majority related to Distracted Driving.
OnMyWay’s mission is to reverse this epidemic through positive rewards. Users get paid for every mile they do not text and drive and can refer their friends to get compensated for them as well.
The money earned can then be used for Cash Cards, Gift Cards, Travel Deals and Much, Much More….
The company also makes it a point to let users know that OnMyWay does NOT sell users data and only tracks them for purposes of providing a better experience while using the app.
The OnMyWay app is free to download and is currently available on both the App Store for iPhones and Google Play for Android @ OnMyWay; Drive Safe, Get Paid.
Download App Now – https://r.onmyway.com
Sponsors and advertisers can contact the company directly through their website @ www.onmyway.com