“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 added.
Peloton was one of the biggest beneficiaries of COVID-19 lockdowns as its connected exercise bikes and treadmills became all the rage among stuck-at-home fitness enthusiasts. However, the momentum soon petered out with the reopening of gyms and fitness centers, pushing the company into a string of quarterly losses and forcing it to take drastic measures to cut costs.While the layoffs might help cut losses in the quarters ahead, on their own they are unlikely to transform the fortunes of Peloton, Saunders said.
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:
United Kingdom United Kingdom Latest News, United Kingdom United Kingdom 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 more jobs in effort to save the company - BNN BloombergPeloton Interactive Inc. is laying off a significant amount of employees for the fourth time this year as part of an effort to save the struggling business, Chief Executive Officer Barry McCarthy told staff on Thursday.
Source: BNNBloomberg - 🏆 83. / 50 Read more »
Peloton is undergoing another round of layoffs to 'save' the companyPeloton is undergoing another round of layoffs — its fourth this year — with about 500 jobs being eliminated, as the troubled exercise company looks to cut costs to improve its bottom line. Almost invest in Feb 2021 $154. Thank fuck I didn’t
Source: CTVNews - 🏆 1. / 99 Read more »
Amazon freezes corporate hiring in retail business with slowing sales - BNN BloombergAmazon.com has paused hiring for corporate positions in its retail business, the latest sign that the world’s largest e-commerce company is adjusting its workforce to slowing online sales. My purchases from amazon have picked up in recent months actually. 😐
Source: BNNBloomberg - 🏆 83. / 50 Read more »
U.K. company denies cutting Canadian forests to fuel 'sustainable' power plantWood from primary forests in British Columbia has been used to fuel the U.K.'s largest power plant, according to a BBC investigation; the company denies the allegations. Chopping down trees doesn't seem so green now does it? So they decided to stop nuclear energy just to end up cutting down trees toncreate electricity? Peak irony British Columbia old growth forest
Source: CTVNews - 🏆 1. / 99 Read more »