Peloton makes 4th round of layoffs this year

More layoffs have arrived at Peloton. The popular fitness equipment company announced Thursday that it would be cutting another 500 jobs, CNBC reports.

Peloton CEO Barry McCarthy told CNBC the "restructuring" was happening as part of an initiative to position the struggling fitness equipment maker to "a sustainable level."

"The restructuring is done with today's announcement," he said. "Now we're focused on growth."

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up

The company shared that it plans to implement more brand partnerships, which include "putting its bikes in every Hilton-branded hotel in the United States" and selling products in Dick's Sporting Goods stores.

McCarthy told CNBC the company would still be "extremely well capitalized" and "highly liquid," adding that it's still on track to meet its cash flow goals for the fiscal year.

This isn't Peloton's first rodeo when it comes to layoffs. The company began cutting jobs back in February, and since then has had a total of 3,800 employee layoffs globally.

"Today's cuts are expected to mainly affect employees working in marketing," The Verge notes.