CEO Barry McCarthy, in a written statement, wrote that it was necessary to eliminate 500 jobs in order to reach ‘break-even cash flow’ by June of 2023, the end of Peloton’s fiscal year.
Mr. McCarthy wrote in a memo, ‘I am acutely aware many of those impacted by these changes aren’t just colleagues but are also close friends’…
By ‘changes’ he means lay offs. Well, at least he did not call the ex-employees ‘family’ in the memo.
In February of 2022 Peloton made the decision to eliminate approximately 2800 jobs.
In July of 2022, Peloton again made the decision to lay off about another 570 people due to a decision to ‘outsource all manufacturing’.
In August of 2022, there were another 784 jobs (people) laid of in an effort to ‘reduce costs’.
All in all, Peloton cut more than half of all jobs, which is approximately 4000 (FOUR THOUSAND) jobs in 2022.
According to Mr. McCarthy, he said, ‘the bulk of our restructuring work is complete.’
Is that so… well, according to projections, Peloton plans to close most of its retail stores in North America starting in 2023… sounds like more cuts to me.
Click to read the Peloton story here
Look, I get the fact that companies have to do whatever they have to do to survive, BUT SO DO YOU!
Don’t Just Sit There… Prepare Today for Tomorrow.
