iFit Health & Fitness, the U.S.-based connected fitness company, has reduced its Utah-based workforce by about 300 employees, or 20 percent of the remaining 1,600 employees who had survived earlier rounds of layoffs, the Salt Lake Tribune reported. At the height of demand following the pandemic, the company had employed as many as 2,500 people globally. Like Peloton, iFit has been trying to cut costs as consumer demand for home fitness equipment has declined since the pandemic-related lockdowns were scrapped. In October, iFit named a new CEO, Kevin Duffy, to turn around the private equity-backed company and return it to profitability and growth. Last April, the company formally withdrew its registration statement for an IPO.

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