- Peloton is slashing roughly 2,800 jobs amid falling demand for connected fitness.
- The cuts are part of cost-cutting measures expected to save the company $800 million a year.
- Recruiters have already started courting laid-off employees on LinkedIn.
Peloton announced Tuesday it is letting go of one-fifth of its corporate workforce. The company said it is cutting 2,800 jobs as one of several cost-cutting measures aimed at delivering the company $800 million in savings per year amid plummeting demand for connected fitness.
Within hours, recruiters from companies like Amazon and Spotify offered up their condolences — as well as advice, job referrals, and letters of recommendation. Some people even drafted spreadsheets to log the newly laid off as well as companies currently hiring.
Here's a look at some of the messages, as posted on LinkedIn:
A Spotify recruiter said "my heart is broken today for you guys" and asked Peloton employees to send over their resumes and reach out for letters of recommendation, referrals, or "simply to vent."
A technical program manager at Meta said for Peloton employees to be in touch if they wanted referrals.
An executive recruiting coordinator at Amazon offered to be "here for a referral, advice, or to vent."
A consultant offered to give recommendations and put in a good word at Deloitte Consulting for affected Peloton staff.
Peloton's social media director said of the laid-off staff, "I know every single one of them have many more masterworks in them, and you should get to be a part of what they do next." She made a spreadsheet where the company's newly laid off staff can say if they're open to work, and companies currently hiring can post relevant job openings. Open roles on this spreadsheet are from companies like Google, Snap, Adobe, and Spotify.
A former Peloton employee started a similar spreadsheet, which currently includes open roles from companies like Uber, Warby Parker, and Peloton rival Mirror.
Besides the layoffs, Peloton announced several other cost-cutting measures Tuesday, including scaling back its warehouses and delivery centers in favor of third parties and ditching plans to build its own $400 million factory in Ohio.
The company also said CEO John Foley is stepping down to become executive chair and will be replaced by Barry McCarthy, former CFO of Spotify and Netflix. Foley's exit as CEO adds to a growing pile of evidence suggesting the company is looking to sell. Companies like Amazon and Nike are reportedly interested in a deal with Peloton.
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