Peloton competitor Tonal cuts 35% of workforce as it prepares for possible recession, IPO

Tonal, the connected fitness equipment maker backed by Serena Williams and Amazon’s Alexa fund, is trimming 35% of its workforce.

It is joining a list of companies, including competitor Peloton, which are reducing head count in order to slash expenses and readjust to new levels of consumer demand.

Tonal CEO Aly Orady said the company is trying to become profitable so that it can successfully go public.

Tonal, the connected fitness equipment maker that counts tennis superstar Serena Williams and Amazon’s Alexa fund as backers, is cutting 35% of its workforce, affecting all levels of its business, CNBC has learned.

The company employs about 750 people today, compared with a little more than 110 before the Covid-19 pandemic, Chief Executive Officer Aly Orady said in an interview. Source: https://cnb.cx/3yC5VS9