Posted on 02/10/2022 6:45:37 AM PST by JonPreston
Peloton is firing over 2,800 employees — including 20% of its corporate workforce — because of an ongoing downturn in the company's business.
As part of the severance plan for the over 2,800 laid off employees, Pelton is offering a curious benefit: a one-year membership to Peloton.
(Excerpt) Read more at businessinsider.com ...
Did you see that many who got laid off were able to log into the “all people” meeting with the new CEO and raise a ruckus?
I’m scratching my head wondering why the heck they had a 14,000 employee workforce, now downsizing to around 11,000, if my math is correct. That’s a LOT of headcount for glorified exercise bikes and such.
“That’s the gift that keeps on givin’ the whole year”!
Big Tech is about to buy it. Trying to make it a more attractive acquisition.
“The Peloton monthly membership will be complimentary for impacted team members for an additional 12 months,” Peloton said in its press release about the layoffs. That’s in addition to a “meaningful cash severance allotment” that’s determined “based on job level and tenure” with the fitness company, alongside several other benefits.
meaningful cash severance allotment in quotes.
I wondered how many people could actually afford the expensive exercise bikes and expensive subscriptions. I guess Peloton hit critical mass. I started back on my recumbent stationary bike this year. I try to do 10 miles a day with the bike set to go over several hills of different size. I watch an episode of some show or other which helps me forget how long I’ve been pedaling. I don’t need some motivational trainer spurring me onward.
For those unaware, Peloton is primarily Internet-connected stationary bicycles and treadmills that enable monthly subscribers to remotely participate in classes via streaming media. A fairly niche market. (Or at least I consider it to be.)
Peloton became an “in thing” among the “in crowd” with a real boost from social media during the first year of Covid. Like a lot of these trendy deals, it makes little sense from an economic point of view and the bubble deflated when the in crowd moves on to the next thing.
It makes for a nice thing to hang your clothes on.
Not that I’m the measure of all things but I use a $500 wheel-on smart trainer, an old road bicycle, optical HRM and a $16.00/month subscription to Zwift.
Gives resistance up to a 12% grade, access to many training plans, group rides and races. A poor mans peloton.
Funniest thing I seen in a while.
Did some for morale here.
Folks are heading back to the gym.
The projected growth did not matrialize
Once it was leared that Biden had one, sales dropped
This year’s jellies are all made in China. I would skip the smoked bat if I were you.
I bet it's "meaningful" :)
No kidding. Sounds like a lot of excess capacity which wasn't supported by demand. They're products and services are seriously EXPENSIVE.
Can’t believe they are a $3.5 Billion dollar company...
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