On Tuesday, the U.S. Consumer Device Commission and Peloton announced that treadmill owners with a Peloton Tread+ may get a refund for the recalled product for an additional year.
In May 2021, the Tread+ was taken off the market due to allegations of children and animals being pushed below the exercise machine, resulting in one child’s death.
In May, Peloton said that it was working on a remedy, but in the meanwhile, the fitness business is extending the return period for Tread+ owners until November 6, 2023.
“Peloton is working on a rear guard that would address the hazard at the back of the treadmill, but no repair has been approved to date, the CPSC said in a statement. People should “immediately stop using the recalled Tread+ treadmills,” the agency reiterated.
Peloton has received 335 reports of problems with the Tread+, 87 of which involved injuries. The Tread+ cost around $4,300 when it was still for sale.
In September, Peloton announced in its annual results report that the CPSC “believes we did not satisfy our statutory requirements under the Consumer Product Safety Act and would pursue civil monetary penalties.” The corporation said that it disagrees with the commission’s conclusions, but is now in dialogue with agency personnel.
The Tread, a less expensive treadmill from Peloton, was also recalled due to a defect that caused the touchscreen to loosen and, in some instances, come off.
In the early days of the epidemic, when many Americans went inside and purchased training equipment, Peloton’s revenues increased. However, the company has since faltered. During the previous twelve months ended in September, the company’s operating losses ballooned to $1.2 billion, while its sales plummeted.
Peloton shares have also dropped 90% this year, and the company has laid off more than 1,000 people and closed locations to save money.