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Peloton to Cut 800 Jobs, Hike Prices and Shut Stores in Sweeping Overhaul

Product deliveries and support jobs will be outsourced as part of CEO’s turnaround plan.

Bloomberg business news
Peloton Cutting 800 Jobs, Raising Prices
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Peloton Interactive Inc. will embark on a sweeping overhaul that includes cutting nearly 800 jobs, raising prices for its Bike+ and Tread machines, and outsourcing functions such as equipment deliveries and customer service to outside companies. 

The changes, which the company disclosed Friday in a memo to employees, also include gradually closing many of its retail showrooms — a process that will get underway next year. It’s the widest-ranging shake-up yet under Chief Executive Officer Barry McCarthy, a tech veteran who took the helm in February.