Peloton Interactive Inc. said on Friday it would cut jobs, shut stores, and raise prices on its exercise equipment including treadmills and top-end bikes as it undertakes a company-wide revamp to shore up its revenue and improve cash flow.
Shares of the company surged about 11 percent in afternoon trade after the company said in a memo it would cut about 800 jobs and reduce its retail presence in North America.
Under Chief Executive Officer Barry McCarthy, Peloton has implemented a slew of measures including cost cuts to steady its business as a pandemic-driven demand for its treadmills and exercise bikes quickly fizzles….