1 of 2 The New York Times is reporting that gym equipment manufacturer Salon Equipment is laying off thousands of workers.
Salon Equipment, which was founded in 2014, has been criticized for charging exorbitant prices for gym equipment.
The company also manufactures equipment for the likes of the Olympic and Paralympic Games.
Salon’s president, Steve Zuber, said the layoffs are part of a company-wide restructuring plan, which will result in about 300 employees being laid off.
Salon has a $3 billion investment in the company, which has been expanding its footprint.
Salon will pay $10 million to employees who take part in the plan.
Salon, which is also the parent company of the popular fitness site, has over 1,000 stores and has stores in more than 200 countries.
Salon also offers fitness equipment for gym members.
It has a strong presence in fitness gear for the Olympics and Paralykic Games, which it says are among its biggest growth markets.
Salon is now in the midst of a major restructuring plan.
In October, Salon announced that it was laying off about 4,000 employees.
The layoffs come at a time when sales of the company’s equipment are declining.
In the first quarter of 2019, Salon reported revenue of $5.5 billion, down from $7.5 in the same period last year.
Salon currently employs about 480 people.
Salon had said last year that the company would begin to reduce its staff.