{"id":404195,"date":"2022-02-09T16:18:53","date_gmt":"2022-02-09T13:18:53","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/peloton-cancels-planned-400m-ohio-factory-in-cost-cutting-bid\/"},"modified":"2022-02-09T16:18:53","modified_gmt":"2022-02-09T13:18:53","slug":"peloton-cancels-planned-400m-ohio-factory-in-cost-cutting-bid","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/peloton-cancels-planned-400m-ohio-factory-in-cost-cutting-bid\/","title":{"rendered":"#Peloton cancels planned $400M Ohio factory in cost-cutting bid"},"content":{"rendered":"

“#Peloton cancels planned $400M Ohio factory in cost-cutting bid<\/strong>”<\/p>\n

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Peloton has pulled the plug on a planned $400 million factory in Ohio as it scrambles to cut costs due to sagging demand for its bikes and treadmills, the company confirmed as part of its turnaround plan this week.<\/p>\n

The embattled fitness brand said it is \u201cwinding down the development of its\u00a0Peloton Output Park\u00a0(POP) manufacturing plan,\u201d including its centerpiece manufacturing plant in Luckey, Ohio, near Troy Township.<\/p>\n

\"Peloton
Peloton CEO John Foley is leaving his job in a major shakeup.<\/figcaption>
Bloomberg via Getty Images<\/span><\/figcaption><\/figure>\n

The decision to cancel the plan marked a major about-face for Peloton, which began construction just last year on what would have been its first factory. As reported by The Post, Peloton previously delayed the factory\u2019s planned opening from 2023 to 2024 due to a backlog of inventory.<\/p>\n

Peloton said its decision to cancel the factory would result in $60 million\u00a0in restructuring capital expenditures. Additionally, the fitness brand is trimming its in-house warehouse and delivery operations and shifting toward third-party fulfillment vendors.<\/p>\n

A Peloton spokesperson thanked local officials in Ohio for their support and said the company will complete construction on the facility, with plans to sell the land and the building once it is built.<\/p>\n

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Peloton said the decision to cancel the factory would result in $60 million\u00a0in restructuring capital expenditures.<\/figcaption>
Bloomberg via Getty Images<\/span><\/figcaption><\/figure>\n

\u201cWhile we won\u2019t be able to ultimately occupy the property, overall we not only had the opportunity to highlight the talent and resources Troy Township offers, but we also invested app<\/a>roximately $100 million in the area,\u201d the company spokesperson told the Toledo Blade<\/a>.<\/p>\n

The factory was projected to create more than 2,000 jobs for the area.<\/p>\n