As part of a turnaround strategy, Peloton will reduce its workforce by about 12%, or approximately 500 jobs, according to a company spokesperson.
CEO Barry McCarthy said the company lost “more than $100M on retail last year,” which is why the company is restructuring in order to reach break-even cash flow by the end of the fiscal year, according to an internal memo to Peloton employees shared with Retail Dive.
The news follows a deal with U.S. Hilton hotels to put a Peloton Bike in every fitness center that was announced on Monday. The brand said 90% of its members indicated they are more likely to stay at a hotel that utilized its bike equipment.
Source: Retail Dive
Omni Talk is the retail blog for retailers, written by retailers. Chris Walton and Anne Mezzenga founded Omni Talk in 2017 and have quickly turned it into one of the fastest growing blogs in retail. 