For Peloton, hits keep coming; Today the company announced a recall of approximately 2.2 million of its bikes due to rider injuries from a faulty seat post.
According to the Consumer Product Safety Commission, Peloton received 35 reports of the seat post breaking during use and detaching from the bike, resulting in 13 injuries including a broken wrist, lacerations and bruises. Specifically, the recall affects Peloton bikes with model number PL01 sold at Peloton stores, Dick's Sporting Goods and Amazon from January 2018 to May 2023.
Consumers are advised to stop using the recalled bikes "immediately" and contact Peloton for repairs. The company sends out a free seat post that you can install yourself without having to return the bike to the manufacturer.
The recall is just the latest Peloton issue that has plagued the company for the past several years. In May 2021, Peloton treadmills were recalled after a child died from being pulled under the treadmill and nearly 40 others suffered broken bones and other injuries from the machines.
The following February, 2,800 employees were laid off and the CEO resigned as share prices plummeted. The company never managed to maintain the momentum it had gained in the early stages of the pandemic, when people were stuck in their homes and needed non-gym workout products -- especially as rival companies began emulating Peloton's internet-based streaming model.
Following news of the recall Thursday, Peloton stock fell another seven percent.
