NordicTrack maker iFit Health & Fitness has cut another 300 jobs as the Salt Lake City, Utah-based company continues to waver from changing habits post-pandemic.
The job cuts announced on Monday were the fifth round since late 2021, cutting from 2,500 to 1,300 jobs. salt lake tribune.
Pink slips were handed out in marketing, engineering, technology, and consumer products, according to LinkedIn posts of the laid off employees.
In a memo to employees obtained by The Washington Post, iFit chief executive Kevin Duffy said: more clearly defined and planned.
Earlier this year, iFit executives As Peloton’s rivals reorganize from family-owned businesses to institutional-backed businesses.
Duffy was named to the top job in October, after billionaire iFit founder Scott Watterson got off february in full swing a dispute with the company’s investors over control of iFit, as reported exclusively by The Post.
Four of Watterson’s sons have held senior positions at iFit, and several of Watterson’s associates, who are high-ranking Mormon Church officials, served on the board, but have retired, as have the rest of the family. Two of Watterson’s sons are still listed on the leadership page of the company’s website.
Subsequently, after Watterson was ousted as CEO, investors (including L Catterton and Pathlight Capital) poured $355 million into the company to turn it around.
“Fitness companies have been impacted by changing macroeconomic trends over the last few years,” Duffy said in a note, revealing iFit’s sales surged 105% during the pandemic.
“As the world reopened, not surprisingly, that demand normalized,” he wrote. “At the same time, rising interest rates, pressure on global supply chains, the war in Ukraine, rising inflation and mixed signs around a potential recession all keep us on our path to profitability. It is an obstacle for
A spokeswoman for iFit declined to comment on the layoffs.
in October, Peloton cuts 500 jobs At the fourth layoff.
New CEO Barry McCarthy said in a memo to then-employees: , and we are.
