PELOTON

Peloton’s uphill ride to get more sales just got rougher as more people return to gyms and other pre-pandemic exercise routines and embrace cheaper options.

It was the Peloton ride heard around the world.

Peloton says that the recall of its treadmills will shrink its revenue by $165 million in revenue in the current quarter.

Safety regulators are warning people with kids and pets to immediately stop using a treadmill made by Peloton after one child died and others were injured.

Asian stock markets rose Wednesday after President Donald Trump suggested he may veto a $900 billion economic aid package. (AP Photo/Lee Jin-man)Asian stock markets rose Wednesday after President Donald Trump suggested he may veto a $900 billion economic aid package. Overnight, Wall Street’s benchmark S&P 500 index lost 0.2% after Trump criticized the aid plan approved by Congress. The Shanghai Composite Index rose 0.8% to 3,382.08 and the Nikkei 225 in Tokyo added 0.1% to 26,470.94. Tech companies rose.

The company that runs New York Sports Club and Lucille Roberts gyms filed for bankruptcy protection with COVID-19, still prevalent in man parts of the U.S., gutting membership rolls at fitness companies nationwide. Gold’s Gym sought bankruptcy protection in May and 24 Hour Fitness Worldwide filed for bankruptcy in June. The company lost $136 million during the first quarter this year, only a fraction of which included state- and city-mandated shutdowns of retail shops, gyms, salons, restaurants and bars. Home fitness company Peloton reported a 172% surge in revenue during its most recent quarter and it doubled its subscribers. Bike shops in New York, as well as most outdoor fitness gear sellers, have been largely cleared out.

(CNN) - Peloton, the indoor fitness startup, filed paperwork on Tuesday for an initial public offering. The company generated $915 million in revenue in its most recent fiscal year, ending June 30, according to its IPO prospectus. Meanwhile, Peloton competitor SoulCycle backpedaled away from its plans to go public in May 2018 citing "market conditions." Founded in 2006, SoulCycle is the industry veteran and its IPO was expected to value the company at around $900 million. Earlier this month, SoulCycle and Equinox announced a Peloton competitor.