Peloton Tread+ and Tread which are high end exercise equipment saw tremendous sales during the lockdown. Users bought the $4295 Tread+ treadmills to use at home as gyms were closed. Unfortunately, the treadmills from the company caused the death of a child and injured several others. On Wednesday, CEO John Foley said that the treadmills are being recalled and he said that “it was the right thing to do.”
The statement also said that the company made a mistake in their initial response to the Consumer Product Safety Commission’s (CPSC) request to recall the Tread. He said that the company should have engaged more productively with the CPSC and he apologized for not doing so.
In mid-March, a child died in a tragic incident allegedly involving a Tread+. Details were not shared to maintain privacy. Peloton’s CEO acknowledged that there had been a few other incidents where children were injured. The company expressed its sympathy to all the families who had suffered. They expressed sadness and grief. Peloton asked its users to review and follow the safety instructions and to read the warnings mentioned carefully. It also asked its users to remove the safety key and to keep it away from children and pets. However, the machines were not recalled.
By mid-April, federal regulators asked the company to recall its Tread+ treadmills according to a report by The Washington Post. One official had also told the news agency that this did not happen with other treadmills. The statement also additionally mentioned that today, Wednesday, their recall announcement reflected their recognition on the importance of increasing safety awareness for their Peloton members by actively working with the CPSC.
The statement also said that the company strongly believed in the future of at-home connected fitness and they were committed to work with the CPSC. They would jointly set new industry safety standards for their treadmills. They reiterated their desire and responsibility to be an industry leader in product safety.
There was a sharp fall in Peloton’s share price after the announcement on Wednesday.
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