Wall Street

Peloton to cut down jobs and stores, raise prices to shore up cash

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Reuters UK

By Kannaki Deka (Reuters) -Exercise equipment maker Peloton Interactive Inc said on Friday it would cut more jobs and raise prices of its popular treadmill and high-end bike products as the company works to arrest a fall in revenue and improve cash flow. Shares of the company surged about 11% in afternoon trade after the company said in a memo it would cut about 800 jobs and reduce its retail presence in North America. Under Chief Executive Officer Barry McCarthy, Peloton has implemented a slew of measures to cut costs after demand for its exercising equipment plummeted as people went back to …

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