Peloton announces closure of Lakeland location, nearly 60 layoff
Nearly 60 workers at a Peloton location in Lakeland are losing their jobs.
A federal Worker will permanently close. Warehouse associates, field specialists and certified service technicians are among those being laid off.
The news continues a tough Adjustment and Retraining Notification Act (WARN) notice stated the location on New Tampa Highway stretch for the high-tech stationary bicycle and Treadmill Company. Peloton announced Tuesday that it’s no longer going to build a $400 million facility in Ohio, which was expected to bring in 2,000 jobs and $138 million in new annual payroll.
The same day, co-founder John Foley stepped down as CEO.
The company also announced it is cutting 2,800 jobs globally, including a 20% cut at its corporate offices.
Peloton’s shares have plummeted from a peak of $162.70 in December 2020 to less than $40 on Wednesday.
Company shares surged during the early days of the pandemic, but as more people are returning to the gym, its bottom line has been affected.
You can read the entire notice below: