'Oh my God, you're my brother': Man in his 70s discovers 6 unknown siblings
After receiving a DNA kit one Christmas from his son-in-law, Hugh McCormick soon discovered that he had six unknown siblings, with whom he shared the same birth parents.
Peloton is laying off employees and raising prices for some of its equipment as part of its latest bid to make the business profitable and free up cash.
The changes were disclosed Friday in a memo to employees of the maker of high-end exercise bikes and treadmills from its new CEO Barry McCarthy. In addition to cutting 784 jobs, Peloton will close its North America distribution network and shift its delivery work to third-party providers.
The New York-based company said it also plans to "significantly" reduce its North American store base, which now numbers 86. But it didn't say how many locations will close.
The moves mark the latest changes since McCarthy, who served as chief financial officer at Spotify, took over as CEO in February. He replaces John Foley, who co-founded the business 10 years ago.
The coronavirus pandemic set Peloton on a wild ride. Its shares surged more than 400 per cent in 2020 amid lockdowns that made its bikes and treadmills popular among customers who pay a fee to participate in Peloton's interactive workouts.
But nearly all of those gains were wiped out last year as the distribution of vaccines sent many people out of their homes and back into gyms. Now, the company, which recorded its only profitable quarters during the pandemic, is reining in ambitious plans and lowering costs after badly misjudging the staying power of the exercise-at-home trend.
Peloton said it is raising the price of its flagship Bike+ by US$500 to US$2,495 and its Tread treadmill by US$800 to US$3,495. The price increases represent an about-face from April, when it was lowering prices to try to get rid of inventory. McCarthy noted in the memo that at the time, the company was still in the early days of its US$800 million restructuring plan and was under "considerable cash flow pressure."
Last month, Peloton announced it will stop making its own interactive stationary bikes and treadmills, outsourcing those duties to a Taiwanese manufacturer. It also said it was also suspending manufacturing operations at the Tonic Fitness Technology plant in Taiwan for the rest of the year.
As of June 30 of last year, Peloton employed about 8,600 people worldwide, including about 6,700 in the U.S. But in February, it said it was cutting 2,800 jobs, including about 20 per cent of its corporate jobs. At the time, it said instructors who lead interactive classes for Peloton would not be included in cuts.
Peloton also said in February it was winding down the development of its Peloton Output Park factory in Ohio.
Friday's news cheered investors, who sent shares in Peloton Interactive Inc. up US$1.62, or nearly 14 per cent, to US$13.53. The stock is still down 88 per cent over the last 12 months.
After receiving a DNA kit one Christmas from his son-in-law, Hugh McCormick soon discovered that he had six unknown siblings, with whom he shared the same birth parents.
Four years on, the controversy over whether airlines owed refunds to passengers after cancelling hundreds of thousands of flights during the pandemic continues to simmer, aggravated by a sluggish, opaque complaints process.
Dozens of Ontarians are expressing frustration in the province’s health-care system after their family doctors either dropped them as patients or threatened to after they sought urgent care elsewhere.
A new study projecting declining rates of cancer cases and deaths in Canada demonstrates the success of prevention and early detection programs, but also highlights areas where more work is needed to save and prolong lives, researchers say.
Brock Boeser had two goals and an assist, and the Vancouver Canucks hung on for a 4-3 win over the Edmonton Oilers in Game 3 of their second-round Stanley Cup playoff series.
An Ottawa pizzeria is being recognized as one of the top 20 deep-dish pizzas in the world.
Police are searching for a male suspect after a man was “slashed in neck” on Sunday morning in downtown Toronto and died.
There were some scary moments for several people on a northern Ontario highway caught on video Thursday after a chain reaction following a truck fire.
It’s been a year since Nathan Wise went missing and his family is no closer to finding out what happened to him.
English, history, entertainment, math and geography: high school trivia teams could be quizzed on any of it when they compete at the Reach for the Top Nationals in Ottawa in June.
An Ottawa pizzeria is being recognized as one of the top 20 deep-dish pizzas in the world.
A family of fifth generation farmers from Ituna, Sask. are trying to find answers after discovering several strange objects lying on their land.
A Listowel, Ont. man, drafted by the Hamilton Tigercats last week, is also getting looks from the NFL, despite only playing 27 games of football in his life.
The threat of zebra mussels has prompted the federal government to temporarily ban watercraft from a Manitoba lake popular with tourists.
A small Ajax dessert shop that recently received a glowing review from celebrity food critic Keith Lee is being forced to move after a zoning complaint was made following the social media influencer’s visit last month.
The Canada Science and Technology Museum is inviting visitors to explore their poop. A new exhibition opens at the Ottawa museum on Friday called, 'Oh Crap! Rethinking human waste.'
The Regina Police Service says it is the first in Saskatchewan and possibly Canada to implement new technology in its detention facility that will offer real-time monitoring of detainees’ vital health metrics.
Just as she had feared, a restaurant owner from eastern Quebec who visited Montreal had her SUV stolen, but says it was all thanks to the kindness of strangers on the internet — not the police — that she got it back.