Peloton CEO Says Company Has 6 Months to Show It Can Survive, 500 Job Cuts Coming, Report Says
. It recently announced partnerships to sell equipment in Dick's Sporting Goods stores and on Amazon.reported on remarks he made about where the company could stand in six months.
"If we don't grow," McCarthy, who took over as CEO earlier this year from co-founder John Foley, told the Journal,"We need to grow to get the business to a sustainable level." The Journal also first reported on the layoffs. Beyond that point, though, the company, which has slowed the rate of its cash burn, is"extremely well capitalized" and"highly liquid," McCarthy said in an interview with CNBC. And it's still on track to meet its cash flow goals for the fiscal year.
"I'm feeling about as optimistic as I've ever felt," he said, reflecting on the changes the company made over the past several months.
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