Peloton Announces Recall

BOISE, ID — In an abrupt about face from last week, Peloton on Wednesday announced a voluntary recalls of two treadmills made by the company.

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“I want to be clear, Peloton made a mistake in our initial response to the Consumer Product Safety Commission’s request that we recall the Tread+,” CEO John Foley said in a statement Wednesday. “We should have engaged more productively with them from the outset. For that, I apologize.”

Peloton is advising customers to immediately cease using the machines and to contact the company for a full refund. The recall affects about 125,000 Tread+ machines and roughly 1,050 Tread products in the U.S.

The voluntary recall comes after the governement received 18 reports of the touchscreen loosening and six reports of the screen actually falling from the machine. One child died in an accident involving the machine.

Peloton reported in 2020 revenue of $1.8 billion. That’s up from $915 million a year earlier. Peloton is set to report earnings after the market close on Thursday.

The company’s stock is down about 40% year to date. It has a market cap of $26 billion.

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