All articles tagged with #corrective action plan
The Ann Arbor School Board has approved staff layoffs as a measure to address a projected $25-million budget shortfall, just days before a corrective action plan is due to the state. The majority of the district’s remaining bargaining units will be affected by the layoffs, which were approved by a 4-3 vote, with three board members voting against the motion.
Peloton's original bike model has a potential safety issue with some seat posts, resulting in nearly three dozen instances of seat post breaks, 12 of which involved injuries. Peloton has informed the Consumer Product Safety Commission and plans to roll out a corrective action plan once hammered out in collaboration with the CPSC. The issue has brought an $8.4 million "estimated contingent loss expense" in the quarter, but was not material to the current period financial performance. Peloton's revenue for the third quarter was $748.9 million, a 22% drop from 2022’s third-quarter when it was $964.3 million.