Month: May 2024

More than 16,000 pounds of ground beef sold at Walmart stores nationwide were recalled due to potential E. coli contamination. The U.S. Department of Agriculture’s Food Safety and Inspection Service announced the recall on Wednesday; according to the release, approximately 16,342 pounds of six different types of raw ground beef products sold by Cargill Meat Solutions were recalled. The products were produced April 26-27, 2o24 under a variety of different labels, the release said (see HERE for labels.). Consumers are urged to check their fridge or freezer and immediately dispose of the product or return it to the place of purchase.

According to the agency, the ground beef may have been contaminated with E. coli O157:H7, a “bacterial strain that is an important food and a waterborne pathogen that causes diarrhea, hemorrhagic colitis, and hemolytic-uremic syndrome (HUS) in humans,” according to StatPearls, an online library published in the National Library of Medicine.

All products contained the establishment umber “EST. 86P” printed on the back of the label, and the products were then shipped to Walmart retail locations nationwide. According to the release, the producer flagged the issue after it was discovered that the impacted products, which had previously been segregated, have been “inadvertently utilized in the production of ground beef.”

No confirmed reports of adverse reaction has been reported, the release added. For more information about the recall, head here.

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Peloton announced on Thursday that CEO Barry McCarthy will be stepping down as the company, and that it is also cutting 15% of its staff worldwide (or about 400 employees).  Karen Boone and Chis Bruzzo, Peloton’s current board chair and director, respectively, will temporarily handle the CEO duties until a new leader is chosen. Another board director, Jay Hoag, has been named the new chair, and McCarthy will stay with Peloton as a strategic advisor for the rest of 2024.

The announcement was made ahead of revealing its 2024 third-quarter financial report Thursday morning, after which shares slid 12%, to $2.81. The job cuts are just the latest round for the company, which announced in October 2022 that it was cutting about 500 jobs on top of the nearly 800 layoffs it made in August of that year. Peloton also said it will also close some retail showrooms while it consolidates resources.

Peloton said in a letter to shareholders: “Today we are announcing a new restructuring program to reduce annual expenses by more than $200 million. The objective of the cost reductions is to align our cost structure with the current size of our business and position Peloton to generate sustained and meaningful positive free cash flow, which is a top priority for us.”

In a message to employees, McCarthy said the layoffs were unavoidable in streamlining costs and making Peloton profitable again. The statement said in part: “Hard as the decision has been to make additional headcount cuts, Peloton simply had no other way to bring its spending in line with its revenue. The company had to do that in order to generate sustainable positive [free cash flow]. Achieving positive FCF makes Peloton a more attractive borrower, which is important as the company turns its attention to the necessary task of successfully refinancing its debt.”

The New York-based fitness company experienced incredible sales growth during the height of the COVID-19 pandemic, with shares multiplying by more than five times in 2020 amid lockdowns. However, sales began to slow in 2021 as vaccines allowed people to come out of quarantine and begin to visit gyms and exercise establishments outside of the home.

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