Tonal, a fitness equipment manufacturer backed by Amazon, is laying off nearly 35% of its workforce.
According to the Chief Executive Officer, Aly Orady, the company hasn’t been profitable and the job cuts will put it back on track.
As consumers were stuck at home and sought ways to exercise, the COVID-19 pandeTonal, which sells wall-mounted workout devices, experienced rampant growth in 2020 and 2021, Orady said. Tonal is currently putting the brakes on.
Several companies, including competitor Peloton, are laying off staff as they trim expenses and readjust to new levels of consumer demand.
Many businesses are preparing for an economic slowdown, even if a recession is unlikely, as they grapple with hot inflation on everything from raw materials to fuel.
