Peloton remembers all treadmills after reports of injuries, one fatality
A Peloton Interactive Inc. Tread exercise machine available for sale in the company’s showroom in Dedham, Massachusetts, USA on Wednesday, February 3, 2021.
Adam Glanzman | Bloomberg | Getty Images
In a major reversal, Peloton on Wednesday announced voluntary recalls of its Tread + and Tread treadmill machines over safety concerns.
Its stocks soared more than 8% on the news.
The company advises customers who already have the products to stop using them immediately and contact Peloton for a full refund or other qualified means.
The US Consumer Product Safety Commission warned about Peloton’s Tread + product last month after a child was killed in an incident with the machine and dozens of other injuries were reported.
But Peloton pushed back the recommended recall at the time, telling customers there was no reason to stop using its treadmills.
“I want to make it clear that Peloton made a mistake in our first response to the Consumer Product Safety Commission’s request to recall the Tread +,” CEO John Foley said in a statement on Wednesday. “We should have been more productive with them from the start. I apologize for that.”
Peloton also said it will work with the CPSC to set new safety standards for treadmills in the industry.
Here is the link to the full statement from Peloton and the CPSC.
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