Peloton Takes Quick Ride From Pandemic Stardom to Layoff Woes
- Struggling company plans to reset production levels, cut jobs
- CEO disputes report that Peloton idled factories to save money
This article is for subscribers only.
A year ago this week, Peloton Interactive Inc. was the darling of the pandemic.
The stock hit an all-time high in January 2021 -- sending its market value near $50 billion -- after stuck-at-home consumers flooded the company with orders. Peloton had recently introduced a new exercise bike and was preparing a push into more affordable treadmills. Its fitness instructors had become celebrities, pulling in annual compensation of half a million dollars in some cases.