Peloton Interactive Inc. vowed to slash expenses at the struggling fitness company, including labor and production costs, but disputed reports that it had idled its factories to save money.
In a memo to staff, CEO John Foley said Peloton was “right-sizing our production, and, as we evolve to more seasonal demand curves, we are resetting our production levels for sustainable growth.”
Peloton is reeling from a slowdown triggered by consumers emerging from pandemic lockdowns and returning to traditional gyms. It had been a Wall Street darling when customers were stuck at home and demand outstripped supply.
Now the company is considering jobs cuts to get itself
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