Earlier this year, as part of an attempt to restructure and streamline operations, the CEO of Peloton stated that the company planned to close several of its retail showrooms in the United States and Canada in 2023. This number is announced as 16, and it would be equivalent to around 15–20 percent of the exhibits in the United States, given that there are approximately 90 showrooms now operating in the United States.
He used the following words:
Finally, to rebalance our e-Commerce and retail mix to generate efficiency, we will be reducing our retail footprint throughout North America. Because of this decision, the retail presence of Peloton will undergo a decrease that is both considerable and aggressive. In the next months, we will offer additional updates on which retail activities will be affected by this decision and how it will have an effect on those businesses.
It is anticipated that each of the affected shops would be shut down completely by the month’s end. Because of this, the showrooms would remain open during the often hectic impending Christmas season.
The fact that workers are now learning about the shutdown this week indicates that they have around sixty days of notice before their stores will be closed. It has been brought to our attention that severance payouts have been made available to the affected workers.
It is anticipated that this would not be the only dealership that will close in the year 2023. It is anticipated that more will be shut down in the months to come.
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