Tonal lays off 35 percent of its workforce

The manufacturer of connected fitness equipment, Tonal, is laying off 35 percent of its workforce . Like Peloton, the company has significantly increased its headcount over the past two years as demand for its product, an at-home weightlifting system, has skyrocketed due to pandemic lockdowns. Before the beginning of 2020, Tonal employed about 110 people. It now has nearly 750 workers, CEO Aly Orday said CNBC. Orday said the move would help put Tonal on track to start making money within the next few months as it plans to go public.

“As we head into a recession — and many of us think we are headed into a recession — it’s really important that we become a long-term company,” Orday told the outlet. Tonal will provide severance pay and healthcare benefits to affected employees for at least eight weeks through the end of September.

Compared to Peloton, Tonal is coming out of the pandemic mostly unscathed. The most prominent player in the connected fitness industry as of early 2022, or about 20 percent of the total workforce. Peloton recently announced this.

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