India, May 7 -- Many private equity firms are making move to buy out Peloton Interactive, Inc. (PTON), CNBC reports.
The move comes as the New York City-based company is struggling to pay off nearly $1.7 billion debt and has faced losses for more than consecutive 3 years.
Last week, Peloton announced certain refinancing strategies such as layoffs, and budget cuts in marketing, research and development, IT, and software departments, to create free cash flow to attract buyers. The strategy would also help the company to reduce its expenses by over $200 million by the end of 2025.
However, a financial decision on the deal has not been made.
Currently, Peloton's stock is moving up 13.9 percent, to $4.04 on the Nasdaq.
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