Peloton Teams Up With Hilton, CEO Vows to Turn Around Company in Six Months
Peloton, the popular fitness company, has teamed up with Hampton Inn to place Peloton Bikes in 90% of their hotels' fitness centers, making workouts more appealing to guests. Meanwhile, Peloton's CEO, Barry McCarthy, is optimistic about the company's future despite recent struggles, aiming to turn things around within six months.
Peloton's partnership with Hampton Inn comes as the company looks to boost its presence and attract more users. The move follows a survey where 90% of Hampton Inn members expressed interest in staying at hotels equipped with Peloton Bikes.
The company, however, has faced challenges in recent months. Peloton has undergone two rounds of layoffs this year, in February and August, following leadership changes and wholesale deals. The latest round of cuts, announced in August, will reduce the workforce by about 12%, approximately 500 jobs. This move is part of a turnaround strategy aimed at reaching break-even cash flow by the end of the fiscal year. Last year, Peloton lost more than $100 million on retail, contributing to the need for restructuring.
Peloton's partnership with Hampton Inn signals a push to expand its user base, while the company works to stabilize its financial situation. CEO Barry McCarthy remains confident in Peloton's future, with a focus on turning the company around within the next six months.
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