Connect with us

Hi, what are you looking for?

TOP news

Peloton pauses production of bikes and treadmills following a ‘significant reduction’ in demand, according to internal documents obtained by CNBC

John Smith/VIEWpress

  • Peloton is reportedly pausing the production of its bike and treadmill products, according to CNBC.
  • An internal presentation obtained by CNBC cited a “significant reduction” in global demand.
  • One employee told Insider that the company’s warehouses are “unsafely packed” with recalled treadmills.

Peloton is reportedly pausing the production of its connected fitness products, including its flagship stationary bike and treadmill, citing a “significant reduction” in global demand, according to internal documents obtained by CNBC.

The company’s stock dropped 16% following the news before trading was halted. After trading resumed, the stock was down as much as 24%.

“Our warehouse was unsafely packed really for months,” one employee, who requested anonymity to speak freely, told Insider. “I guarantee it’s still completely packed to this day. From the day they recalled the Tread, like complete OSHA violations, complete safety violations. Like it’s just crazy.”

Peloton did not immediately respond to Insider’s request for comment on this story.

This is a developing story. Please check back for updates.


You May Also Like

TOP news

Paul Sancya/AP On June 2, Delta will become the first US airline to pay its flight attendants for boarding time. Previously, flight attendants were...

Opinion

Adeline van Houtte is the Economist Intelligence Unit’s lead analyst on Russia. It looks like Russia is at it again, after the unusual movement...

World

The EU should play an active role in the upcoming U.S.-Russia talks over security concerns around Ukraine, the bloc’s top diplomat told German media...

Health Care

Former President Donald Trump confirmed he had gotten a booster during a live show with Bill O’Reilly in Dallas on Sunday.

Сentral Tribune - Politic News