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Peloton to cut 500 jobs as company's turnaround efforts continue

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Peloton’s shares surged more than 400% in 2020 amid pandemic lockdowns, but sales have slowed as more people go back to the gym.

The maker of high-end exercise equipment plans to cut approximately 500 jobs or about 12% of its workforce.

Peloton Interactive Inc. said Thursday that it has completed the vast majority of a restructuring plan that it started in February. That plan included a new chief executive and a smaller store base.

 

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