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8/12, 6:47 PM (Source: TeleTrader)
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Peloton announces cost reductions, layoffs

Peloton is cutting nearly 780 jobs, closing a substantial number of its retail stores, and raising prices on some of its equipment, the company told employees in an internal memo on Friday.

The company did not clarify how many retail sites it plans to shut down but said it plans an "aggressive" reduction starting in 2023.

"The shift of our final mile delivery to 3PLs will reduce our per-product delivery costs by up to 50% and will enable us to meet our delivery commitments in the most cost-efficient way possible," Under Chief Executive Officer Barry McCarthy wrote in the memo to employees.

Baha Breaking News (BBN) / JG