Peloton Announces Long-Awaited Repair for Recalled Treadmill

Peloton Interactive Inc. and the US Consumer Product Safety Commission announced a long-awaited fix for the fitness company’s recalled Tread+ machine, which was pulled off the market two years ago following dozens of injuries and one death.

The repair involves installing a rear guard on the treadmill, protecting people from getting pulled in near the machine’s back roller, according to a statement Thursday. The guard, which consumers will be able to get installed professionally for free, has “a breakaway design that pivots away from the treadmill when it comes into contact with a person or object, shutting off power to the unit and decelerating the belt.”

The shares gained as much as 3.5% to $7.39 following the announcement. They remain down more than 7% this year.

Peloton recalled the Tread+ in May 2021 because users, children and pets could get pulled under the heavy machine. One child died, and there have been 90 reports of injuries, including many after the recall date. Peloton has received a total of 351 reports of these “pull-unders.”

The company, which saw a surge in use during the early days of the pandemic, has struggled to get its business back on track. Demand slumped after consumers began returning to offices and gyms, and Peloton was left with a glut of inventory. It also had other product recalls beyond the Tread+, including one affecting its lower-end Tread machine.

Most recently, the company recalled about 2.2 million units of its flagship exercise bike due to a safety hazard posed by the product’s seat. That news sent the stock to an all-time low last week.

The Tread+ guard is currently being manufactured and should be delivered in the fall of this year, Peloton said.

Photo: A Peloton store in Corte Madera, California, U.S., on Thursday, Feb. 3, 2022./Bloomberg