Peloton is voluntarily recalling its Tread+ and Tread treadmill machines due to safety concerns, the company announced Wednesday. Peloton’s CEO also apologized for not withdrawing the products earlier, at 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 sank by more than 8 percent on the news.
“The agreement between CPSC and Peloton is the result of weeks of intense negotiation and effort, culminating in a cooperative agreement that I believe serves the best interests of Peloton and of consumers,” said Robert Adler, acting chairman of the CPSC, in the statement.
“CPSC staff believes the Peloton Tread+ poses serious risks to children for abrasions, fractures, and death. In light of multiple reports of children becoming entrapped, pinned, and pulled under the rear roller of the product, CPSC urges consumers with children at home to stop using the product immediately,” according to an April press release.
While Peloton said at the time it was “shocked and devastated” to learn about the child’s death, it slammed that report as “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.
On Wednesday, Peloton CEO John Foley revised the company’s position.
“The decision to recall both products was the right thing to do for Peloton’s Members and their families,” Foley said. “I want to be clear, Peloton made a mistake in our initial response to the Consumer Product Safety Commission’s request that we recall the Tread+. We should have engaged more productively with them from the outset. For that, I apologize.”
Peloton also said it will work with the CPSC to set new safety standards for treadmills.
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