The company behind everyone’s favourite pandemic purchase, the Peloton, is facing subscriber and financial backlash. Subscribers are cancelling and pausing their memberships with the cycling tech amidst a recall over bicycle seats. And now the company has to answer to Wall Street. CNBC reports that a May recall of 2.2 million Peloton bikes over their…
Peloton will replace its CEO, cut about 2,800 jobs, and revamp its leadership team as the company faces declining demand for its exercise equipment. The layoffs account for around 20% of the corporate workforce but will not affect instructors or content.