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Pandemic lockdown darling, Peloton (PTON, $13.53) has announced a fresh round of job losses. Announcing that it will slash around 780 jobs, close stores and hike up prices in a bid to make a profit.
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It will also exit last-mile logistics by closing its remaining warehouses and shifting delivery work to third-party providers, resulting in a portion of the job cuts. It is also cutting a number of positions in its in-house support team.
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Peloton axed roughly 3,000 jobs in February, as a new chief executive pledged a sweeping turnaround. It scrapped plans for a US factory and last month said it would no longer make its own equipment.