[ad_1]
Fitness technology company Peloton has recalled its treadmills after reporting injuries and a death that affected the machines, and sent the company’s shares to a minimum of seven months.
The move comes more than two weeks after the U.S. Consumer Product Safety Commission, a federal safety agency, urged people with young children or pets to stop using Peloton treadmills after a investigation into the death of a child. There have been 72 reports of adults, children, pets or objects being stretched across the back of the Tread + treadmill, the agency said.
Peloton had previously rejected the CPSC’s initial warning, calling it “inaccurate and misleading” and saying anyone over the age of 16 could continue to use Tread +.
Peloton chief executive John Foley apologized Wednesday and said the company “made a mistake in our initial response to the Consumer Product Safety Commission’s request that we remember the Tread +.”
Foley added: “We should have been more productive with them from the start. That’s why I apologize. ”
Under an agreement with regulators, Peloton will voluntarily reclaim Tread + and Tread treadmills and will offer full refunds to customers who want to return their machines. The Tread + sells for about $ 4,300.
Owners are advised to stop using treadmills immediately. Peloton was working on additional hardware modifications, the CPSC said.
The agreement, which also requires Peloton to stop selling and distributing treadmills in the United States, was “the result of weeks of intense negotiations and efforts, culminating in a cooperation agreement that I believe serves the in the best interests of Peloton and consumers, “said Robert Adler, acting president of the CPSC.
Foley said the company was “committed to working with the CPSC to set new industry safety standards for treadmills. We have the desire and responsibility to be an industry leader in product safety.”
Peloton, known for its stationary bikes and home cycling classes, unveiled its tape in 2018. It announced last year that it would release a cheaper version of its tape, the tread, at a price retailing about $ 2,500.
Shares of Platoon fell 10%, to $ 87.08, to levels last recorded in September.
[ad_2]
Source link
