LAKELAND, Fla. — Dozens of Peloton employees in Lakeland are out of the job as part of the company's larger plan to lay off 2,800 people.
According to a "WARN" notice sent to the Department of Economic Opportunity, the company is closing its Lakeland facility. That means 58 employees are being laid off, according to the document – 33 of which include field specialists.
"This reduction in force is expected to be permanent," wrote Shari Eaton, SVP and global head of people at Peloton. "The entire location will close."
On Tuesday, Peloton announced chief executive John Foley would be stepping down and that the company would be reducing the size of its team. The reason the company gave was that the unprecedented demand and growth it saw during COVID had begun to taper off.
The Washington Post reports that Peloton's stock rose 600 percent in 2020 when gyms were closed across the country. But, as the world resumed to its somewhat normal routines, the company was unable to maintain its sales growth.
The company's new CEO will be Barry McCarthy, an executive who held leadership roles in Spotify and Netflix. Peloton's president, William Lynch, will also be stepping down.