Tonal, a celebrity-backed home fitness startup that saw its valuation balloon to $1.6 billion in 2021, has explored options including a sale, two people familiar with the matter said.
Tonal—an even more upmarket alternative to Peloton—burned through cash last year after spending heavily on hiring, opening bricks-and-mortar showrooms and marketing, including a Super Bowl ad last year featuring tennis star Serena Williams.
The company has been scrambling to cut costs by shuttering stores, including a showroom in New York’s Flatiron District that had been open for just over a year and making a fresh round of layoffs that hit marketing and other staff in late January. It’s also been locked in a legal battle with one of its hardware suppliers over payments dating back to March 2022.
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