Peloton, the renowned exercise equipment manufacturer, has issued a recall for over 2 million of its exercise bikes due to a potential safety hazard.
The recall initiated on May 11 stems from a defect in the assembly of the seat post for Peloton’s Model PL01, making it unsafe for use.
As the notice from the U.S. Consumer Product Safety Commission explained, Peloton reported 35 known incidents of the seat post breaking and detaching from the bike during use.
Falling injuries to owners of the Model PL01 have occurred, including lacerations and bruises. One of the 13 reports of injuries included a fractured wrist.
Peloton exercise bikes are a popular item among fitness enthusiasts, with product lines like the Model PL01 selling for around $1,400.
The unicorn company also offers customers the option to rent these bikes for a monthly fee. Cycling classes can be streamed, offering customers the convenience of exercising from home whenever they want.
This proved to be a good business model during the COVID-19 pandemic restrictions, with the company reporting remarkable sales growth, according to Business Insider.
Yet there have been some recent struggles, with Peloton initiating an overhaul of its corporate structure after posting an annual revenue loss of 10% in 2022 to $3.58 billion.
This resulted in the loss of over 5,000 jobs, four executives, and one CEO — Peloton’s co-founder John Foley.
This is the company’s first-ever product recall, which led to a drop in stocks trading to $6.66 per share despite going public with an initial share price of $29.
Approximately 2.2 million Model PL01 bikes were sold between January 2018 and May 2023, according to the recall notice. These bikes were available for purchase both in physical stores Peloton and Dick’s Sporting Goods as well as online.
To ensure customer safety, Peloton urges consumers to immediately stop using the PL01 bikes and contact its customer service center at 866-679-9129 or via the website to arrange a free repair.
The company is giving customers a free seat post to replace the faulty one. It can easily be installed by customers themselves.
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