Peloton is voluntarily recalling its Tread + and Tread treadmills for safety reasons, the company said Wednesday. The CEO of Peloton also apologized for not withdrawing the products earlier, on the recommendation of the Consumer Product Safety Commission.
Customers should stop using the product and contact Peloton for a full refund “or other qualified remedy,” the New York-based exercise equipment company said in a joint statement with the CPSC.
Shares fell more than 8% on the news.
“The agreement between the CPSC and Peloton is the result of weeks of negotiations and intense effort, resulting in a cooperative agreement which I believe serves the best interests of Peloton and consumers,” said Robert Adler, interim president of the CPSC, in the press release. .
Last month, the CPSC issued an “urgent warning” to parents to stop using the Tread + Platoon, following 39 incidents where young children were injured, including one that resulted in death.
“CPSC staff believe Platoon Tread + poses serious risks to children from abrasions, fractures and death. In light of several reports of children being trapped, trapped and pulled under the rear roller of the product, the CPSC urges consumers with children to stop using the product immediately, “according to an April press release.
While Peloton said at the time that he was “shocked and devastated” to learn of the child’s death, he called the report “inaccurate and misleading”.
“There is no reason to stop using the Tread +, as long as all warnings and safety instructions are followed,” the company said in April.
Peloton CEO John Foley revised the company’s position on Wednesday.
“The decision to recall both products was the right thing to do for Peloton members and their families,” said Foley. “I want to be clear, Peloton made a mistake in our initial response to the Consumer Product Safety Commission’s request to recall the Tread +. We should have engaged more productively with them from the start. that, I apologize. “
Peloton also said it will work with the CPSC to set new safety standards for treadmills.