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

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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.

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