Peloton closing stores, cutting jobs and raising prices
August 15, 2022
Peloton is laying off nearly 800 employees in an effort to make the home exercise company “more efficient, cost effective, and agile.” The company also is raising prices on its stationary bikes and treadmills. “We have to make our revenues stop shrinking and start growing again,” wrote CEO Barry McCarthy in a memo to employees. “Cash is oxygen. Oxygen is life.”
Recent News
Apple Removes WhatsApp and Threads From China App Store
Apple has taken down WhatsApp and Threads from its app store in China due to an order from the country’s internet regulator over national security concerns.
Pesticide Risks in US Produce: What You Should Know
Consumer Reports has completed an extensive review of pesticides in 59 types of fruits and vegetables commonly found in the U.S. The study analyzed seven years of data from the U.S. Department of Agriculture, revealing concerning findings about pesticide residues in our food.
Red Lobster Faces Possible Bankruptcy Amid Financial Struggles
Red Lobster is contemplating filing for Chapter 11 bankruptcy due to mounting debts and financial challenges.
Boeing To Introduce Flying Cars in Asia by 2030
Boeing, the U.S. aircraft manufacturer, has set its sights on introducing flying cars to Asia by 2030.