Peloton to cut jobs, shut stores and raise prices in company-wide revamp By Reuters | The Markets Café
  • Privacy Policy
  • Terms of use
  • Press Release
  • Advertise
  • Contact
Wednesday, March 22, 2023
No Result
View All Result
Subscribe
  • Login
The Markets Café
en English
zh-CN 简体中文en Englishfr Françaisde Deutschhi हिन्दीit Italianoja 日本語pt Portuguêsru Русскийes Españoltr Türkçe
  • News
  • Politics
  • Markets
    • Stocks
    • Futures
    • Commodities
  • Crypto
    • News
    • Markets
    • NFT
    • DeFi
    • Explained
  • Economy
  • Finance
  • Investing
  • Forex
  • Real Estate
  • Tech
  • VideosHOT
  • Community
  • Charts
  • News
  • Politics
  • Markets
    • Stocks
    • Futures
    • Commodities
  • Crypto
    • News
    • Markets
    • NFT
    • DeFi
    • Explained
  • Economy
  • Finance
  • Investing
  • Forex
  • Real Estate
  • Tech
  • VideosHOT
  • Community
  • Charts
No Result
View All Result
The Markets Café
No Result
View All Result
  • News
  • Politics
  • Markets
  • Crypto
  • Economy
  • Finance
  • Forex
  • Investing
  • Tech
  • Videos
  • Community
Home Markets Stocks

Peloton to cut jobs, shut stores and raise prices in company-wide revamp By Reuters

by Press Room
August 13, 2022
in Stocks
97 6
A A
0
21
SHARES
687
VIEWS
FacebookTwitter
2/2

© Reuters. FILE PHOTO: A Peloton logo is seen on an exercise bike after the ringing of the opening bell for the company’s IPO at the Nasdaq Market site in New York City, New York, U.S., September 26, 2019. REUTERS/Shannon Stapleton/File Photo

2/2

By Kannaki Deka

(Reuters) -Peloton Interactive Inc said on Friday it would cut jobs, shut stores and raise prices on its exercise equipment including treadmills and top-end bikes as it undertakes a company-wide revamp to shore up its revenue and improve cash flow.

Shares of the company surged about 11% in afternoon trade after the company said in a memo it would cut about 800 jobs and reduce its retail presence in North America.

Under Chief Executive Officer Barry McCarthy, Peloton (NASDAQ:) has implemented a slew of measures including cost cuts to steady its business as a pandemic-driven demand for its treadmills and exercise bikes quickly fizzles.

On Friday, the company outlined a plan to aggressively reduce its retail presence in the United States and eliminate a number of jobs in warehouses and customer support teams.

Shifting final mile delivery to third-party logistics providers will reduce per-product delivery costs by up to 50%, McCarthy said in the memo seen by Reuters.

The company is also raising prices of its Bike+ and Tread machines in five markets, including the United States and Canada. (https://

The company, which lowered the prices for its products earlier this year, said it would now raise prices by $500 to $2,495 on Bike+ and by $800 to $3,495 on Tread in the United States.

McCarthy, a former Netflix Inc (NASDAQ:) executive, said he was aiming to boost Peloton’s software engineering team, terming it as “right investments” to drive growth.

($1 = 1.2782 Canadian dollars)

Read the full article here

Related Articles

Stocks

Micron’s down-cycle bottom could be in, Wells Fargo reiterates its Overweight rating By Investing.com

March 22, 2023
Stocks

Energy shares help Toronto market to relief rally By Reuters

March 22, 2023
Stocks

Expectations for the Fed’s next rate hike this month have posted the biggest swings since the start of the pandemic

March 22, 2023
Stocks

Rising airline emissions could trigger global caps as early as 2024 -trade group By Reuters

March 22, 2023
Stocks

U.S. stocks higher at close of trade; Dow Jones Industrial Average up 1.20% By Investing.com

March 22, 2023
Stocks

Philadelphia to pay $9.25 million to protesters at George Floyd demonstration By Reuters

March 22, 2023

About Us

The Markets Café

The Markets Cafe is your one stope Finance, Politics and bussines news website, follow us to get the latest news and updates from around the world.

Sections

  • Commodities
  • Crypto Markets
  • Crypto News
  • DeFi
  • Economy
  • Explained
  • Finance
  • Forex
  • Futures
  • Investing
  • Markets
  • News
  • NFT
  • Politics
  • Real Estate
  • Stocks
  • Tech
  • Videos

Site Links

  • Contact
  • Advertise
  • DMCA
  • Submit Article
  • Forum
  • Site info
  • Newsletter

Newsletter

THE MOST IMPORTANT FINANCE NEWS AND EVENTS OF THE DAY

Subscribe to our mailing list to receives daily updates direct to your inbox!

  • Privacy Policy
  • Terms of use
  • Press Release
  • Advertise
  • Contact

© 2022 The Markets Café - All rights reserved.

No Result
View All Result
  • News
  • Politics
  • Markets
    • Stocks
    • Futures
    • Commodities
  • Crypto
    • News
    • Markets
    • NFT
    • DeFi
    • Explained
  • Economy
  • Finance
  • Investing
  • Forex
  • Real Estate
  • Tech
  • Videos
  • Community
  • Charts

© 2022 The Markets Café - All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.