Thursday, December 7

Peloton cuts 500 additional jobs to save company, return to growth

Peloton Interactive Inc. is cutting approximately 500 jobs, or about 12% of its workforce, the company announced Thursday.

The move arrived as the high-end exercise equipment maker continues its efforts to return to profitability. In a memo sent to employees, CEO and President Barry McCarthy said the layoffs were a “necessary step” in completing Peloton’s restructuring plan.

“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.

“With today’s announcement, the bulk of our restructuring work is complete… I know we can make Peloton a great comeback story if we continue to fight for it.”

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