Peloton Interactive Inc.’s chief executive said on Thursday the company was reviewing the size of its workforce and “resetting” production levels, following a report earlier in the day that it was temporarily halting production of connected fitness bikes and treadmills after a significant drop in demand.
Shares in the exercise bike maker, once a pandemic darling, closed down 24 per cent at about $24, wiping off nearly $2.5 billion in market value. At its current price, Peloton is worth about the same as it was before it went public in 2019.
“We now need to evaluate our organization structure and size of
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