News Formal

Peloton to cut 500 additional jobs as 'necessary step' to save company, return to growth

  • 📰 USATODAY
  • ⏱ Reading Time:
  • 26 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 14%
  • Publisher: 63%

Malaysia News News

Malaysia Malaysia Latest News,Malaysia Malaysia Headlines

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.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 100. in MY
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Is there anything like it?

I hopefully everything will run smoothly ,

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

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.
Source: fox7austin - 🏆 594. / 51 Read more »