The company employed 8,976 people as of Sept. 30.
The cuts represent over 30% of Peloton’s workforce.
Company president William Lynch will leave his role and become a “non-executive director” on Peloton’s board.
The pandemic home-workout boom provided Peloton with a major boost, but the momentum has faded drastically.
Several companies have reportedly expressed interest in buying Peloton,including Amazon.
Peloton declined to comment beyond the note to employees.
