Peloton put the pedal to the metal in a massive restructuring, sending investors on a wild ride. But is it sustainable?
Peloton, once the darling of Wall Street and the savior of the pandemic-crippled world for exercise feigns, found itself the butt of bad jokes and a PR crisis.
The"Sex and the City" reboot show"And Just Like That" featured the Mr. Big character dying after using a Peloton device. At right is series star Sarah Jessica Parker. First, the "Sex and the City" reboot had lead character Mr. Big [Chris Noth] die after using a Peloton. As the company shifted into crisis mode and recast Noth in a damage-control commercial, it backfired. Noth was accused by multiple women of sexual misconduct and the ad was immediately pulled.Cost savings
Once its changes are fully implemented, Peloton expects to achieve annual run-rate cost savings of at least $800 million through "operating expense efficiencies and significant margin improvement in its Connected Fitness category" and reduce its planned capital expenditures in 2022 by approximately $150 million. The restructuring is expected to result in $130 million in cash charges related to severance and other exit and restructuring activities and $80 million in non-cash charges.
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