Peloton gears up to hike prices, lay off 800 employees, and shutter stores

An empty Peloton studio with several of its bikes
Peloton’s Bike Plus will return to its original $2,495 pricing from $1,995. | Photo by Amelia Holowaty Krales / The Verge

Peloton CEO Barry McCarthy had his job cut out for him when he took over the helm in February as the company laid off 2,800 employees. Now, roughly six months later, McCarthy has sent out a memo to staffers warning the company plans to eliminate an additional 784 jobs in a third round of layoffs, reports Bloomberg. Peloton will also increase the prices of the Bike Plus and Tread, while shuttering retail showrooms starting in 2023.

Peloton spokesperson Ben Boyd confirmed the news in a statement to The Verge, writing:

“Peloton, today, took several steps to further advance our transformation strategy, better positioning the company for long term success as the largest, global Connected Fitness company. The moves we made include, the...

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