Peloton, the struggling New York-based fitness tech company, announced today that it plans to cut roughly six percent of its workforce in an effort to save costs and turn the company around. Additionally, the company’s new CEO, Peter Stern, told investors that the company would be expanding beyond its cardio roots and into the general health and wellness space.

“This is not a decision we came to lightly, as it impacts many talented team members, but we believe it is necessary for the long-term health of our business,” wrote Stern in a letter to shareholders published along with the company’s most recent quarterly earnings report.

As of last summer, Peloton had about 2,300 employees, so these latest cuts could affect about 140 workers. The company previously laid off 15% of its workfor

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