Peloton cuts jobs, raises prices in bid for profitability

By ANNE D’INNOCENZIO
AP Retail Writer

NEW YORK (AP) — Peloton is laying off almost 800 employees and raising prices for some of its equipment as part of its latest bid to make the business profitable and free up cash. The moves were disclosed Friday in a memo to employees of the maker of high-end exercise bikes and treadmills from the company’s new CEO Barry McCarthy. The actions also include closing Peloton’s North America distribution network and shifting its delivery work to third-party providers. Peloton also plans to slash reduce its North American store base, which currently numbers 86. But the company didn’t say how many locations will close. The moves mark the latest changes since McCarthy took over in February. He replaced John Foley, who co-founded the business 10 years ago.