Economy

Eugene

(62,657 posts) Wed Jul 13, 2022, 04:44 AM Jul 2022

Peloton to stop making bike, tread products in-house, cut about 570 jobs

Source: Reuters

July 12, 2022
1:04 PM EDT
Last Updated 17 hours ago

Peloton to stop making bike, tread products in-house, cut about 570 jobs

By Kannaki Deka

July 12 (Reuters) - Exercise equipment maker Peloton Interactive (PTON.O) said on Tuesday it will cease all in-house production of its bikes and treadmills and move manufacturing to partners in an effort to simplify its operations and reduce costs.

The New York-based firm will cut around 570 jobs at its Tonic Fitness Technology unit, a Taiwan-based firm bought by Peloton in 2019, according to a source familiar with the matter.

Peloton did not immediately respond to a request for comment. The company will also be suspending operations at the facility through the remainder of 2022, it said in a statement earlier on Tuesday.

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The company, under new chief executive Barry McCarthy, has moved to cut costs and shore up capital this year after demand for its popular home equipment dropped as people went back to working out at gyms.

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Read more: https://www.reuters.com/technology/peloton-exits-in-house-manufacturing-operations-2022-07-12/

5 replies

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Peloton to stop making bike, tread products in-house, cut about 570 jobs (Original Post) Eugene Jul 2022 OP

the "darling" of the pandemic... hlthe2b Jul 2022 #1

Based on my personal experience, exercise bikes become Tomconroy Jul 2022 #2

I beat ya to it. 3Hotdogs Jul 2022 #4

I enjoy walking. That I can do. Tomconroy Jul 2022 #5

I just bought one... maptap22 Jul 2022 #3

hlthe2b

(106,364 posts)

1. the "darling" of the pandemic...

Reply to Eugene (Original post)

Wed Jul 13, 2022, 05:10 AM

Jul 2022

Maybe, like me, most people prefer not to be screamed and screeched at by some amped-up MTG-wannabe or a bullying drill Sargeant type when they work out? Those ads of people being derided and abused like that in the wee hours of the morning were so appalling to me.

Tomconroy

(7,611 posts)

2. Based on my personal experience, exercise bikes become

Reply to Eugene (Original post)

Wed Jul 13, 2022, 06:14 AM

Jul 2022

coat racks after about six months.

3Hotdogs

(13,403 posts)

4. I beat ya to it.

Reply to Tomconroy (Reply #2)

Wed Jul 13, 2022, 06:59 AM

Jul 2022

Mine was moved to the basement after two months. Gym membership lasted a few months before I realized I didn't enjoy it.

Four years ago, I joined a hiking club. Average, 15 miles a week. I'm 80 and sometimes lead the hikes up 400 -900 ft climbs, depending on where the hike is.

Tomconroy

(7,611 posts)

5. I enjoy walking. That I can do.

Reply to 3Hotdogs (Reply #4)

Wed Jul 13, 2022, 07:36 AM

Jul 2022

maptap22

(148 posts)

3. I just bought one...

Reply to Eugene (Original post)

Wed Jul 13, 2022, 06:19 AM

Jul 2022

And I absolutely love it! Many classes to choose from and no one yells at you. It is very motivating. No regrets at all of the purchase.

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