Peloton is expanding its rental program nationwide a day after two of its cofounders stepped down

• Peloton announced Tuesday it's expanding its bike rental program nationwide.
• Customers can rent the Peloton Bike and get access to classes for $89 per month plus a $150 set-up fee.

Peloton is making its bike rental program available nationwide.

The company announced Tuesday that it's expanding the offering, which hit several test markets earlier this year.

Renting the Peloton Bike will cost customers $89 per month, along with a one-time fee of $150 to set it up. For the Peloton Bike+, the cost is $119 per month plus the $150 one-time set-up fee. Riders can cancel their rental at any time with free returns.

Renters who decide they want to keep their bikes can buy them, with the price depending on how long they've had the bike. After one year of renting, the Peloton Bike would cost $895, and the Bike+ would be $1,595. Those who buy their bikes after renting will then pay $44 per month for an all-access membership.

Either new or refurbished bikes may be provided as rentals, with the company noting that secondhand bikes may have "minor cosmetic damage" but are "thoroughly inspected, repaired, and tested to ensure they pass our quality inspection."

The program represents Peloton's effort to revitalize its struggling business by attracting new customers with a cheaper, lower-commitment option.

News of the expansion comes a day after Peloton announced John Foley, its former CEO and one of the company's cofounders, has stepped down as executive chairman. Another cofounder, Hisao Kushi, also stepped down Monday.

Peloton has faced a number of challenges in the last year. In January, the company paused production of bikes and treadmills after seeing a "significant reduction" in demand. A month later, Peloton scrapped plans to build its own $400 million factory in Ohio. At the same time, Foley stepped down as CEO and was replaced by Barry McCarthy. The company slashed 2,800 jobs in February and cut another 800 in August.

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