For the first three quarters of fiscal 2022, Pelton has sunk into a sea of $1.6 billion in red ink. The latest earnings report was a disaster вЂ“ a loss of $757 million in just three months, while revenues tanked. At around $12, itвЂ™s lost over 90% of its value from the high. PelotonвЂ™s techy exercise bikes had a huge order backlog, and the companyвЂ™s stock exploded (along with Shopify, Netflix, Zoom and other WFH meme issues) from $19 when Covid hit in March of 2020 to $162 by Christmas of that year. IвЂ™m no fan of Royal LePage boss Phil Soper, but a year ago вЂ“ in the grip of Covid вЂ“ he had this observation: вЂњPeople are focused on the three Ps of the pandemic: puppies, Peloton and property.вЂќ That $3,500 price was cut two months ago to $1,900, and now sheвЂ™s hitting Instagram, Twitter and, yes, Kijiji, trying to find homes for the latest litter вЂ“ at $800. And breeders like Rachel are watching the pendulum swing back with a vengeance. The humane societies and SPCAs are filling up with adults as the pandemic fades from view, society reopens and people are migrating back to work. Kijiji in every city is swollen with puppy ads. WFH meant long hours alone for many, and not commuting to work gave them disposable income to shower on a breeder in exchange for a cold, wet nose and four pink paws.Д«ut now thereвЂ™s a glut of dogs. The number of people during the pandemic craving canine companionship was without precedent. In fact for some of the more exotic breeds, $6,000 a pup was the norm through much of 2021. The only way I could stop that was to charge for my puppies what the market would bear.вЂќ It didnвЂ™t take long before I realized they were puppy brokers, reselling for a big profit, or amateur breeders taking advantage of things. вЂњAnd suddenly I was besieged with requests from people who wanted to buy two dogs at a time, males and females. вЂњI was shocked at what happened,вЂќ she told me.

Last year a purebred pup fetched an historic price. R spent a decade being a real estate agent, too, but then the canine business grew to take up most of her time. Pups are birthed in the вЂњnurseryвЂќ off the kitchen. RachelвЂ™s been breeding dogs for 30 years.

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