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Peloton to offer refurbished bikes at discounted prices

FILE PHOTO: A Peloton exercise bike is seen after the ringing of the opening bell for the company's IPO at the Nasdaq Market site in New York City

(Reuters) - Peloton Interactive Inc is offering refurbished bikes across the continental U.S. and Canada at a discount of up to $500 over new bikes, the company said on Monday.

The program, called Peloton Certified Refurbished, will provide models priced at $1,145 and $1,995 with the same 12 month warranty provided with new bikes.

The fitness equipment maker was all the rage among fitness enthusiasts during COVID-19 lockdowns, with the company hitting a peak market valuation of nearly $50 billion in early 2021.

However with people returning to gyms the company saw demand for its fitness equipment dwindle and saw its market cap slump to $3.02 billion currently.

The company earlier this year expanded its rental program in the U.S., giving consumers a month-to-month option on its Peloton Bike and Bike+ models.

(Reporting by Gokul Pisharody in Bengaluru; Editing by Chizu Nomiyama)