Peloton cuts jobs, raises prices in bid for profitability

NEW YORK —

The New York-based company said it also plans to “significantly" reduce its North American store base, which now numbers 86. But it didn't say how many locations will close.took over as CEO in February.The coronavirus pandemic set Peloton on a wild ride. Its shares surged more than 400% in 2020 amid lockdowns that made its bikes and treadmills popular among customers who pay a fee to participate in Peloton’s interactive workouts.

Peloton said it is raising the price of its flagship Bike+ by $500 to $2,495 and its Tread treadmill by $800 to $3,495. The price increases represent an about-face from April, when it was lowering prices to try to get rid of inventory. McCarthy noted in the memo that at the time, the company was still in the early days of its $800 million restructuring plan and was under “considerable cash flow pressure.", outsourcing those duties to a Taiwanese manufacturer.

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