Michael Loccisano/Getty Images News
Peloton Interactive (NASDAQ:PTON) is mailing hundreds more pink slips on Thursday, according to the Wall Street Journal.
The paper reported on Thursday that the struggling fitness company plans to trim 500 employees, representing about 12% of the company’s workforce, in another round of layoffs. Employees were informed of the move on Thursday.
The latest job cuts follow significant headcount reductions in February as former CEO John Foley stepped down and in August as the company increased bike prices.
Current CEO Barry McCarthy was cited as “giving the unprofitable company another six months or so to significantly turn itself around” before reassessing the viability of the company as a standalone business. The latest layoffs were also indicated as the final round of cuts by McCarthy in the reporting.
Peloton Interactive (PTON) stock slid 5.42% in premarket hours on Thursday.
Read more on the company’s recent litigation with lululemon.
Image and article originally from seekingalpha.com. Read the original article here.