'Freaking out': Peloton gifting nearly 3K axed workers 1 year of free classes
Brody Longo finishes a workout on his Peloton exercise bike on April 16, 2021 in Brick, New Jersey. Photo credit Michael Loccisano/Getty Images
By Brian Brant
16 hours ago
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NEW YORK (1010 WINS) — Peloton is giving its 2,800 laid-off employees a parting gift as it tries to recover from its most recent downturn.
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CEO John Foley told employees in an early Tuesday morning email that the let-go workers will receive complementary fitness classes for 12 months as part of a severance package.
"We are equipping every team member leaving Peloton with helpful tools to make them as comfortable as possible as they explore their career path post-Peloton," he wrote in the memo.
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The average $40-a-month Peloton membership will come along with a typical severance package that includes extended payments, healthcare coverage and help finding new work for its departing North American workers.
The company, known for its at-home workouts and popular stationary bikes, has reportedly struggled, cutting its financial outlet for the full year and admitting a loss of nearly $500,000.
Peloton also announced last month that it would pause production of bikes and treadmills as demand fell.
"I recently shared that we have been in the process of re-evaluating our costs across the entire organization to ensure we are appropriately structured for the post-COVID landscape," said Foley, who will serve as executive chairman once former Netflix and Spotify chief financial officer Barry McCarthy becomes CEO.
A Peloton source told The New York Post on Tuesday that employees were "freaking out wondering if they [were] on the [layoff] list."
"Everything has been so hush-hush," they continued.
Brody Longo finishes a workout on his Peloton exercise bike on April 16, 2021 in Brick, New Jersey. Photo credit Michael Loccisano/Getty Images
By Brian Brant
16 hours ago
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NEW YORK (1010 WINS) — Peloton is giving its 2,800 laid-off employees a parting gift as it tries to recover from its most recent downturn.
Live On-Air
Ask Your Smart Speaker to Play ten ten wins
1010 WINS
Listen Now
CEO John Foley told employees in an early Tuesday morning email that the let-go workers will receive complementary fitness classes for 12 months as part of a severance package.
"We are equipping every team member leaving Peloton with helpful tools to make them as comfortable as possible as they explore their career path post-Peloton," he wrote in the memo.
ADVERTISING
The average $40-a-month Peloton membership will come along with a typical severance package that includes extended payments, healthcare coverage and help finding new work for its departing North American workers.
The company, known for its at-home workouts and popular stationary bikes, has reportedly struggled, cutting its financial outlet for the full year and admitting a loss of nearly $500,000.
Peloton also announced last month that it would pause production of bikes and treadmills as demand fell.
"I recently shared that we have been in the process of re-evaluating our costs across the entire organization to ensure we are appropriately structured for the post-COVID landscape," said Foley, who will serve as executive chairman once former Netflix and Spotify chief financial officer Barry McCarthy becomes CEO.
A Peloton source told The New York Post on Tuesday that employees were "freaking out wondering if they [were] on the [layoff] list."
"Everything has been so hush-hush," they continued.
