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The Independent UK

National

Via AP news wire

Peloton cuts jobs, raises prices in bid for profitability

Peloton Barry McCarthy United States

Copyright 2019 The Associated Press. All rights reserved

Peloton is laying off employees and raising prices for some of its equipment as part of its latest bid to make the business profitable and free up cash.

The changes were disclosed Friday in a memo to employees of the maker of high-end exercise bikes and treadmills from its new CEO Barry McCarthy. In addition to cutting 784 jobs, Peloton will close its North America distribution network and shift its delivery work to third-party providers.

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