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1. Business
PELOTON LAYS OFF 54 IN PORTLAND AMID COMPANYWIDE CUTS
Updated: Feb. 11, 2022, 10:16 a.m. | Published: Feb. 11, 2022, 10:16 a.m.
This Nov. 19, 2019 file photo shows the logo on a Peloton bike in San
Francisco.AP Photo/Jeff Chiu, File
By Staff and wire reports
Peloton, the high-tech stationary bike and treadmill maker whose products took
off during pandemic gym shutdowns, will lay off 54 in Portland among the nearly
3,000 jobs it’s cutting companywide.
The Portland workers are mostly field service technicians based out of a
warehouse in Northeast Portland, which Peloton Interactive Inc. said in a notice
to the state that it would permanently close. The company said employees were
told Tuesday.
Peloton announced Tuesday that it was cutting 2,800 jobs, in part by reducing
its owned and operated warehousing and delivery locations. It will instead ramp
up its third-party relationships.
The company launched ambitious expansion plans in the early days of the
pandemic, betting that demand for its products would remain strong. Instead,
demand slumped as vaccine distribution ramped up and gyms reopened.
The cuts will also include approximately 20% of corporate jobs at the New York
City company. The instructors who lead interactive classes for Peloton will not
be included in cuts, nor will the content that the company relies on to lure
users.
Peloton also said it’s winding down the development of its Peloton Output Park
factory in Ohio.
Peloton is looking to reduce its planned capital expenditures for this year by
about $150 million. The restructuring program is expected to result in
approximately $130 million in cash charges related to severance and other exit
and restructuring activities and $80 million in non-cash charges. The majority
of the charges will be recorded in fiscal 2022.
Peloton is also replacing its CEO, John Foley, who will become Peloton’s
executive chair. Barry McCarthy, who served as CFO at Spotify as well as at
Netflix, will take over as CEO, the company said Tuesday.
-- Staff and wire reports
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