6 months ago
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Fitness company’s sales boomed during the Covid pandemic as gyms closed but sales collapsed as the world reopened
Barry McCarthy has stepped down as CEO of Peloton, the company said on Thursday, as it decided to cut 15% of its workforce to tackle a post-pandemic slump in demand for its connected fitness equipment.
Shares of the beleaguered New York-based company rose 8% before the markets opened as it also plans to cut back its retail presence, owing to weak demand that has forced Peloton to push back its goal of returning to positive cash flow.
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