NordicTrack maker iFit Health & Fitness has cut 300 more jobs as the Salt Lake City, Utah-based company continues to reel from a post-pandemic change in habits.
The cuts announced Monday were the fifth round of layoffs since the end of 2021, cutting ranks to 1,300 from 2,500, according to the Salt Lake Grandstand.
Pink slips were awarded in marketing, engineering, technology and consumer products, according to LinkedIn posts from laid-off employees.
“We are taking the necessary steps to keep the business stable for the immediate term while providing clearer definition and planning for our growth strategies going forward,” iFit CEO Kevin Duffy said in a statement. a memo to employees obtained by The Post.
Earlier this year, iFit targeted its c-suite as Peloton’s rival reorganizes from a family-owned company to one backed by institutional investors.
Duffy was named to the top job in October after iFit billionaire founder Scott Watterson. Bass in February in the middle a fight with the investors of the company about controlling the iFit, as The Post exclusively reported.
Four of Watterson’s children work in senior positions at iFit and several of Watterson’s cronies, high-ranking Mormon church officials, were directors but have since left, along with other family members, The Post reported. Two of Watterson’s sons are still listed on the company’s leadership page on its website.
After Watterson’s removal as CEO, investors, including L Catterton and Pathlight Capital, poured $355 million into the company to orchestrate a turnaround.
“In recent years, fitness companies have been impacted by changing macroeconomic trends,” Duffy said in his memo, revealing that iFit sales skyrocketed 105% during the height of the pandemic.
“As the world reopened, naturally, that demand normalized,” he wrote. “At the same time, rising interest rates, global supply chain pressures, the war in Ukraine, broader inflation and now mixed signals around a potential recession all present hurdles we will continue to navigate. on our path to profitability”.
An iFit spokesperson declined to comment on the layoffs.
In October, Platoon cut 500 jobs in his fourth round of layoffs.
Its new CEO, Barry McCarthy, said in a memo to employees at the time: “I know many of you will be angry, frustrated and emotionally drained by today’s news, but please know that this is a necessary step if we are to save to Peloton. , and we are.”
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