As people returned to their gyms and fitness studios, Peloton's equipment gathered dust. Then came a series of safety crises. Peloton tussled with federal officials over an eventual recall of treadmills. They had caused dozens of incidents including a death of a 6-year-old. Peloton's handling of all this resulted in a $19 million fine. Last year, the company also recalled nearly 2.2 million bikes. Peloton sales continued to wobble throughout. Now, the company is approaching a deadline to refinance more than $1 billion in debt. Executives count on the new restructuring plan to cut expenses by more than $200 million by the end of its 2025 fiscal year. McCarthy will remain an advisor to Peloton until the end of the year. Copyright 2024 NPR