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Peloton has recalled treadmills in the US and UK over a series of safety issues following investigations by a US watchdog.
In the US, 125,000 Tread and Tread+ machines are being recalled after the death of a six-year-old child.
The watchdog said they could cause injury or death to adults, children and pets if they get pulled underneath.
Tread machines sold in the UK are also being recalled because display consoles could fall off.
In addition to the death, Peloton had 72 reports of injuries such as broken bones, cuts and grazes.
Peloton boss John Foley said the firm had "made a mistake" in not recalling the machines sooner.
In March, Peloton warned parents to keep children away from its Tread+ machine after the death of the six-year-old, who was pulled underneath the rear of the treadmill.
At the time Mr Foley called it a "tragic accident" - one of a "small handful" of incidents in which children have been hurt on the firm's exercise equipment.
"I want to be clear, Peloton made a mistake in our initial response to the Consumer Product Safety Commission's request that we recall the Tread+," Mr Foley said in a statement on Wednesday.
"We should have engaged more productively with them from the outset. For that, I apologise."
The US Consumer Product Safety Commission (CPSC) said that Peloton had voluntarily recalled the Tread+ and Peloton Tread, which posed a safety risk because the display console can fall off.
An agreement between the watchdog and Peloton means the firm must stop selling the machines in the US and give a full refund to people who want to return them.