A man walks in front of a Peloton store in Manhattan on May 05, 2021 in New York.
John Smith | Corbis News | Getty Images
Peloton has six months to show it can survive as a standalone company, CEO Barry McCarthy said, according to a report from The Wall Street Journal.
Peloton also plans to cut 500 jobs, or about 12% of its workforce, the Journal said, adding that employees were told of the reductions Thursday. The company has already had multiple layoff rounds this year.
Shares of the fitness-product company fell more than 4% in premarket trading following the report.
A Peloton spokesman didn’t immediately respond for a request for comment.
“If we don’t grow,” McCarthy, who took over as CEO earlier this year from co-founder John Foley, told the Journal. “We need to grow to get the business to a sustainable level.”
This is a developing story. Check back for updates.