Peloton is slashing jobs again, and this time it's also hiking prices on some of its products
It's part of a major cost-cutting strategy as the beleaguered fitness company continues to make changes under its new CEO Barry McCarthy.Peloton is laying off nearly 800 employees, McCarthy said in a staff memo that was first reported by Bloomberg. It's part of an effort to"become more efficient, cost effective, and agile," Peloton said in a statement to CNN Business.
Peloton had said in May that it had just $879 million in cash in the bank at the end of the quarter, which has left it"thinly capitalized," McCarthy noted in his memo. That forced the company to borrow $750 million in five-year debt from Wall Street to keep its operations running.
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