Activist investor Blackwells Capital LLC wants exercise equipment maker Peloton Interactive Inc. to fire its chief executive and consider selling itself to a fitness or technology company, two sources familiar with the matter said on Sunday.
A representative for Blackwells declined to comment and Peloton did not immediately respond to a request for comment.
Peloton's fortunes have been fading for some time as its customers began shifting away from its classes when gyms reopened and other companies offered rival products. But the trouble mounted very recently. Last week its stock price tumbled 24%, wiping away $2.5 billion in value, after CNBC reported that Peloton was temporarily halting the production of its bikes and treadmills amid lower demand.
Foley wrote to his employees that "layoffs would be the last lever would ever hope to pull but that it is evaluating the structure and size of the team and thatThe company is scheduled to release earnings on February 8 and Foley said more details would be announced then. Blackwells has successfully pushed for change at companies including Colony Capital and posted very strong returns during the early part of the pandemic when many activists were nursing losses.
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