October 2021: Delays IPO, citing adverse market conditions
December 2021: Mass layoffs begin
January 2022: Sued by investor Pamplona Capital Management for $300M for breach of contract
February 2022: Raises $355M as valuation trimmed 60% to $3B / settles Pamplona suit / second round of layoffs / CEO & co-founder Scott Watterson forced out
Big picture: In yanking its public listing, iFIT joins Peloton, Beachbody, and a host of connected fitness companies resetting expectations and reigning in costs as the workout from home gold rush slows.
Looking ahead: With consumers opting for hybrid workouts and studios like Xponential Fitness touting strong gains, the death of the gym was greatly exaggerated.
We break down how fitness, wellness, and healthcare are converging — and what it means for business, culture, and capital.
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