Peloton announced it would be reducing its workforce and increasing prices as part of a new cost-cutting strategy for the at-home fitness brand.
CNN reported.
The company will also hike prices by $500 for its Bike+ - bringing it back to $2,495, where it was before a price cut in April. And Peloton's Tread treadmill is increasing by $800, making its new price $3,495. Peloton had said in May that it had just $879 million in cash in the bank at the end of the quarter, which has left it "thinly capitalized," McCarthy noted in his memo. That forced the company to borrow $750 million in five-year debt from Wall Street to keep its operations running.
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