Peloton is pulling its plans to build its first U.S. factory in Wood County as the exercise bike company loses revenue and subscribers.
WTOL-11 is reporting that a spokesperson confirmed to them that Peloton Outpark Park in Troy Township will be sold once external construction is complete.
The company announced plans last May to build a $400 million facility on more than 200 acres. Construction on the facility began last summer.
“We are forever thankful to Wood County, Troy Township, JobsOhio, the Ohio Development Services Agency and the Regional Growth Partnership for welcoming Peloton to the community and for their invaluable partnership,” a Peloton spokesperson told WTOL-11.
“While we won’t be able to ultimately occupy the property, overall we not only had the opportunity to highlight the talent and resources Troy Township offers, but we also invested approximately $90-$100 million in the area.”
Peloton announced that CEO John Foley was stepping down on Tuesday as part of a restructuring of the business, which includes the elimination of 2,800 jobs.