Peloton extends refund period for recalled Tread+ for another year

Peloton agreed to widen a refund play for its recalled Tread+ for different year, the institution and the U.S. Consumer Product Safety Commission jointly announced Tuesday.

The refund play was extended to Nov. 6, 2023, arsenic Pelton continues to enactment connected a fix. Consumers person until them to petition a refund oregon instrumentality the company's connection to determination the Tread to different country successful the house. Customers returning units aft Nov. 6, 2023, volition person a prorated refund.

Shares of Peloton were up much than 5% Tuesday morning.

In April 2021, the CPSC had warned consumers to halt utilizing the Tread+ aft a kid died successful an mishap involving the device. The CPSC besides disclosed 18 reports astir the treadmill's touchscreen loosening, six reports of the touchscreen detaching, arsenic good arsenic warnings astir the spread betwixt the level and the loop of the Tread +. 

Peloton recalled astir 125,000 of its Tread+ machines and of its 1,050 Tread products. In total, determination were 335 incidents reported with 87 reports of user injury.

"Peloton is moving connected a rear defender that would code the hazard astatine the backmost of the treadmill but nary repair has been approved to date," the CPSC and Peloton said successful their associated merchandise Tuesday.

Following the recall, then-CEO John Foley apologized for Peloton's inaction, and said it should person engaged with the Consumer Product Safety Commission's archetypal petition for a callback much productively.

The Tread+ was primitively called the Tread, but was rebranded to hole for the merchandise of a little costly version, which was past delayed by the recall. 

Peloton is successful the midst of a wide turnaround effort nether Barry McCarthy, who took took implicit arsenic CEO successful February. Peloton slashed 500 jobs successful aboriginal October, pursuing aggregate rounds of layoffs earlier successful the year. McCarthy said that "the restructuring is done" with that circular of cuts. 

Read the afloat announcement here.