Today’s news was foreshadowed during Peloton’s Q3 earnings in May. McCarthy also cited plans to expand Peloton’s e-commerce presence as a reason why the company will reduce its retail footprint starting next year.
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Meanwhile, McCarthy noted that although the company is cutting jobs on its delivery and customer support teams, it’s actively looking to fill roles on its software engineering team. In February, it also announced that it was putting an end to plans for a $400 million factory in Ohio. Last month, Peloton cut nearly 600 jobs in Taiwan as part of a move to reduce in-house manufacturing. The staffing reductions and plans to shutter retail showrooms are an extension of Peloton’s strict restructuring plans following a disastrous year. Any decision we make that impacts team members is not taken lightly, but these moves enable Peloton to become more efficient, cost-effective, and agile as we continue to define and lead the global Connected Fitness category.” Unfortunately, these workforce shifts result in the departure of 784 employees from the company. The moves we made include, the implementation of more strategic pricing the elimination of our North America final mile distribution network and expansion of our third-party logistics (3PL) partnerships the reduction of our North America Member Support team and the signal of our intent to significantly reduce our North America retail footprint. “Peloton, today, took several steps to further advance our transformation strategy, better positioning the company for long term success as the largest, global Connected Fitness company. Peloton spokesperson Ben Boyd confirmed the news in a statement to The Verge, writing: Peloton will also increase the prices of the Bike Plus and Tread, while shuttering retail showrooms starting in 2023.
Now, roughly six months later, McCarthy has sent out a memo to staffers warning the company plans to eliminate an additional 784 jobs in a third round of layoffs, reports Bloomberg. Peloton CEO Barry McCarthy had his job cut out for him when he took over the helm in February as the company laid off 2,800 employees.
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