Peloton extends refund period for recalled Tread Plus by another year

After many complaints of injuries and a child’s death, Peloton and the US Consumer Product Safety Commission (CPSC) recalled the troublesome Peloton Tread Plus in May 2021. Tread Plus owners were given until November 6th, 2022, as part of the recall, to receive a full refund. Peloton and the CPSC have announced that the return period will be extended for another year.

Peloton has received 335 incident reports to date, with the number of reported injuries growing from 72 to 87 since the recall was first issued. The CPSC reported that approximately 125,000 Tread Plus units were recalled in total.

Tread Plus owners will now have until November 6th, 2023, to either get a complete refund or have the treadmill transferred to a different room for free. That’s important because the treadmill weights a massive 455 pounds. Any Tread Plus machines returned after the extended period will be refunded in part.

Peloton is developing a rear guard to address the Tread Plus’s safety concerns. The agency went on to say that Peloton is developing a rear guard to solve the Tread Plus’s safety concerns, but that “no repair has been approved to date”. The Tread Plus stood out from the crowd thanks to its slatted belt and higher deck. While the design was designed to improve traction and lessen knee impact, it also made it easier for adults, children, and dogs to become entangled in the back roller.

The Tread Plus stood out from the crowd thanks to its slatted belt and higher deck. While the design was designed to improve traction and lessen knee impact, it also made it easier for adults, children, and dogs to become entangled in the back roller. A few months ago, CEO Barry McCarthy allegedly responded to a customer email by saying that the company was hopeful about relaunching the tread, but that the government “control[s] the timing.” So far, Peloton has only been able to provide an over-the-air update that introduces Tread Lock, a four-digit passcode that prevents illegal use.

It’s unclear whether a relaunch is on the table. Peloton announced $18 million in higher-than-expected losses from Tread Plus returns in its third-quarter earnings. The Tread Plus has been discontinued for well over a year at this point, and the Peloton Tread has basically replaced it in Peloton’s product selection. The Tread was previously touted as a “cheap” option, but its price was recently upped to $3,495 to boost its reputation as a premium product. In comparison, the initial price of the Tread was $2,495 and the Tread Plus was $4,295.

Needless to say, Peloton’s financial situation has deteriorated in the last year and a half. According to The Wall Street Journal, Peloton cut another 500 people earlier this month in a fourth wave of layoffs, with McCarthy declaring that the firm had six months to prove it could thrive on its own. McCarthy later refuted the remarks in a workplace email, claiming that they were taken out of context. Regardless, Peloton recorded an operational loss of $1.2 billion in the most recent quarter.