The company has one spin studio in Toronto's Yorkville neighbourhood, and another in Yaletown in Vancouver. The closures include locations in New York, California, Massachusetts, Illinois, Florida, Georgia, Washington state, and Washington, DC, as well as the company's remaining Canada location in. Chicago, IL 60601 The once-hot exercise chain some folks have been known to take multiple classes a day is closing 20 of its 82 studio locations nationwide within the next few weeks, the company announced Friday in a town hall-style Zoom meeting with its employees. Boston News, Weather, Sports | WHDH 7News, How to register your school/organization for closings and delays. A New York SoulCycle studio is pictured in September of 2020. Also, Citigroup has announced plans for a hiring spree to fill a new division. "They've either moved where they live and they no longer live close to a studio, or for many of our riders they've moved where they work because they're working from home. We've received your submission. You can review our Community Guidelines by clicking here. But SoulCycle, which has largely focused on in-studio classes, was hit with the other side of that trend. +44 203 745 6245, Old Town Six of the 19 closures are in the New York City metro area. Please reach out toyoursoulmatters@soul-cycle.comto let the team know! "As riders continue to return to in-studio classes there have been many shifts as a result of the pandemic," a SoulCycle spokesperson told CNN Business in a statement, saying some of those shifts are geography-based and the company "assess(ed) whether there is an opportunity to right-size in certain markets.". Scott Olson/Getty Images. This story has been shared 106,493 times. What I will tell you, is this is absolutely the right decision.". The closings leave 13locations in Manhattan, two in Brooklyn and three others on the East End Bridgehampton, East Hampton and Montauk. The news comes soon after Peloton whose stock is down more than 90% from its pandemic-induced peak in late 2020 announced a major shift in strategy. SoulCycle seeks an IT Engineer to join a small team dedicated to: improving and maintaining our IT infrastructure and implementing new technologies that serve our employees and create new experiences for our customers. 201.935.6408, Short Hills Get breaking news and daily headlines delivered to your email inbox by signing up here. scientific studies and medical journals. / MoneyWatch. On February 28, it sent an email to members confirming the studio would not open its doors again. McCarthy told Bloomberg that the official number of Peloton closures will be determined by negotiations with landlords, but that the savings from its store closures will be reallocated toward marketing and selling its products in other ways. Some of those shifts, said the spokesperson, are geography-based and the company assess[ed] whether there is an opportunity to right-size in certain markets. Customers who frequent a studio thats closing were recently informed via email. The chain, which charges as low as $10 for a monthly membership, reported in its earnings last week that it grew its membership base to 16.5 million. As riders continue to return to in-studio classes, there have been many shifts as a result of the pandemic, a SoulCycle spokesperson told the Post in a statement. It will also close down in Toronto, which means a complete exit from Canada. xhr.setRequestHeader('Content-Type', 'text/plain;charset=UTF-8'); The. (Copyright (c) 2022 CNN. Short Hills, NJ 07078 We love celebrating birthdays at SoulCycle, and we look forward to celebrating you when we are back on the bike. 310.559.7685, Manhattan Beach The-CNN-Wire & 2022 Cable News Network, Inc., a WarnerMedia Company. Equinox-owned SoulCycle, known for its indoor cycling and spinning workouts, is closing 19 of its 83 studios in the U.S. and Canada. The two companies often go head-to-head, but now they're both downsizing in a major way. The New York City-based fitness company is closing its locations in San Jose, San Francisco SoMa, Beverly Hills, Newport Beach, Del Mar, reported CNN. As a result of pressures from the COVID pandemic and more recent rising inflation, even well-established companies like Walmart, CVS, and Loft have been forced to shutter stores since 2020. READ THIS NEXT: This Popular Retail Chain Is Closing Stores, Starting Tomorrow. Seaport 101 Seaport Boulevard. Miami Beach, FL 33139 It was founded in 2006, and has operations in the United States, Canada, and the United Kingdom. SoulCycle is closing both of their Canadian locations until at least the end of the year due to COVID-19.. And if that's not enough, there's a . New York, NY 10022 If you have any concerns about the accuracy of our content, please reach out to our editors by e-mailing After the closings, SoulCycle will have roughly 65 remaining locations across the U.S., Canada, and the U.K. SoulCycle said it's closing certain locations because some customers' cycling behaviors have shifted. According to the email, the Ponce studio, which opened in late September 2019, will close after its evening classes on Thursday August 18. 914.713.1202, Rye Brook On Monday, March 16, 2020, SoulCycle announced on its Instagram page that the company will be temporarily closing all 99 of its studio locations for the first time in the company's history.. lawmakers push for new safety regulations after deadly Silver Spring apartment fire, Winds up to 50 mph expected to sweep DC region Saturday, A 'uniquely American' challenge: Group of local universities offer ideas to reduce gun violence. The chain, which charges as low as $10 for a monthly membership, reported in its earnings last week that it grew its membership base to 16.5 million. Both competitors seem to be struggling right now. How many studios does SoulCycle have 2020? On the other hand, IBM is continuing to hire amid the threat of recession. With things changing by the minute, were freezing expiration dates on all class series, at a minimum through April 30. Indoor cycling studio SoulCycle is closing about 25% of its locations. SoulCycle is closing 19 studios in the US and Canada and laying off employees. Our daily newsletter is FREE and keeps you up-to-date with the world of HR. Region selector. document.addEventListener( 'DOMContentLoaded', function() { Indoor cycling studio SoulCycle announced that it is closing about 20 of its 83 studios and laying off about 75 of its 1,350 employees, a sign that peoples' exercise habits are still changing. 212.639.1300, Financial District What will happen to the Soul Early bookings in my account? Please be mindful that were taking precautions for our teams in distribution centers as wellso you may experience slow processing or shipping delays during this time. Bestlifeonline.com is part of the Meredith Health Group. By the time it filed for bankruptcy, it had 1,200 employees and 42 locations in California, Colorado, Florida, Georgia, Illinois, Massachusetts, New Jersey, New York, North Carolina,. We believe our high-quality affordable fitness experience will resonate now more than ever as Americans are seeking value and feeling the rising costs of everyday items, such as food and gas, CEO Chris Rondeau said in an earnings call, adding that hes noticed that people are trading down from high-priced gyms. New York, NY 10065 It's not just Peloton that's spinning into trouble: Indoor cycling studio SoulCycle is closing about 25% of its locations.. It's yet another signal that consumers' exercise habits continue to change as the pandemic wears on. Customers who frequent a studio thats closing were informed via email over the weekend, and about 75 of SoulCycles approximately 1,350 employees will be laid off as a result of the closures. 484.434.2200, Rittenhouse Square However, high profile instructors, like Stacey Griffith, will remain, a source said, adding that part-time workers may also lose jobs or be moved to other locations. 214.360.7685, Greenwich "The timing was appropriate to look at our studio footprint by market to understand whether we continue to believe that we had indeed oversaturated some markets, and the conclusion is that after much work and analysis that perhaps we have," Webster said. SoulCycle CEO Evelyn Webster announced the closures in an all-hands meeting with staffers on Friday morning, according to leaked audio from the meeting shared with Insider. Beginning her SoulCycle career as a rider needing a break from the corporate world, Kaley eventually transitioned to a full-time instructor. 0:41. WTOP.com | Alexa | Google Home | WTOP App | 103.5 FM. Our UK studios will be closed effective March 17. 310.640.7685, Pasadena Makers of in-home fitness equipment are also struggling, including NordicTracks parent company iFit Health and Fitness. Access your favorite topics in a personalized feed while you're on the go. 415.695.7685, Clarendon About 75 workers are slated for the chopping blocks out of a workforce of 1,350, the company said. And now the company is adding 20 new locations for those who are ready to . The firm operates on a pay-per-class . As riders continue to return to in-studio classes there have been many shifts as a result of the pandemic, a SoulCycle spokesperson told CNN Business in a statement. New York, NY 10001 2022 CBS Interactive Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. Washington, DC 20009 212.996.7685, Williamsburg 200-230 Boylston Street Fitness chains and independent gyms at large have been hit hard, with roughly one-third of fitness locations closing during the pandemic. sound information and advice to make the smartest, healthiest choices. SoulCycle , to Close 25% , of Its Locations . A New York SoulCycle studio is pictured in September of 2020. Bethesda, MD 20814 It will also close down in Toronto, which means a complete exit from Canada. if( navigator.sendBeacon ) { } else { Our . It scrapped its initial public offering at the last minute a few months ago and Tonal cut 35% of its staff in July. Vaccine Required - 2095 Union St Top editors give you the stories you want delivered right to your inbox each weekday. Vaccine Required - 1225 North Wells Street In San Francisco, the company will vacate an office on Tenth Street directly behind the Market Street headquarters, according to the report, citing an email sent to employees. The privately held company, owned by Equinox, did open some SoulCycle studios outdoors and even created an $2,500 at-home bike in an effort to weather the pandemic. The news comes soon after Peloton whose stock is down more than 90% from its pandemic-induced peak in late 2020 announced a major shift in strategy. New York, NY 10028 Please keep your comments respectful and relevant. In early 2020, before the COVID-19 pandemic, it operated 99 studios. ), WHDH TV 7NEWS WLVI TV CW56 The exercise company will begin hosting indoor classes at its Mount Vernon Triangle location July 1, and is already hosting indoor classes at its Clarendon and Bethesda locations. Wynn Plaza: 3131 S Las Vegas Blvd Suite: 207 As riders continue to return to in-studio classes there have been many shifts as a result of the pandemic, a SoulCycle spokesperson told CNN Business in a statement, saying some of those shifts are geography-based and the company assess[ed] whether there is an opportunity to right-size in certain markets.. 972.737.7685, River Oaks Full-Time. In the coming days, SoulCycle will shutter around 20 of its 83 studios: six in the New York City area, five in California and others in Washington, DC, Massachusetts, Illinois, Florida and Georgia. 21 Rye Ridge Plaza WHDH broadcast educational and informational programming for children, and file quarterly reports with the FCC detailing the station's outreach to children. Bellevue, WA 98004 daily newsletter. That resulted in the loss of 1.5 million jobs, according to a report from IHRSA, a fitness advisory group. That resulted in the loss of 1.5 million jobs, according to a report from IHRSA, a fitness advisory group. But affordable gym chains, like Planet Fitness, appear to be thriving. Sarah Lawrence for Vox. Seattle, WA 98121 Apple Inc. also plans to slow hiring and spending growth next year, Bloomberg News reported. SoulCycle is closing 19 studios, CEO Evelyn Webster told staffers on Friday. Makers of in-home fitness equipment are also struggling, including NordicTracks parent company iFit Health and Fitness. RELATED: Peloton will also close an unknown number of stores across North America. Chestnut Hill, MA 02467 London, LND W1F 7HH OurSoul Shopis still open online 24/7 in the US and Canada. In the coming days, SoulCycle will shutter around 20 of its 83 studios: six in the New York City area, five in California and others in Washington, DC, Massachusetts, Illinois, Florida and. 626.408.3000, Santa Monica Oxygen is life.". In light of the ongoing Coronavirus (COVID-19) developments and government mandates, keeping our riders, instructors, and staff safe is our absolute top priority. This website is not intended for users located within the European Economic Area. West Hollywood, CA 90069 In the coming days, SoulCycle will shutter around 20 of its 83 studios: six in the New York City area, five in California and others in Washington, DC, Massachusetts, Illinois, Florida and. All Rights Reserved. Fitness chains and independent gyms at large have been hit hard, with roughly one-third of fitness locations closing during the pandemic. Most of the SoulCycle closings will be in New York, but locations in California, Massachusetts, Illinois, Florida, Georgia and Washington state will also be Just two weeks after SoulCycle announced an offe | SoulCycle will close 20 studios and lay off about 75 people while Peloton will lay off about 780 people, increase the price on its Bike+ and Tread, close some retail locations and ask remaining workers to return to the office. 631.324.6600, Montauk if( 'moc.enilnoefiltseb' !== location.hostname.split('').reverse().join('') ) { This comes after Peloton, a New York City-based exercise equipment manufacturer, joined the growing list of American employers reducing headcount ahead of an anticipated recession. Las Vegas, NV 89109 The social media giant will reduce office size in San Francisco, New York, Tokyo, Mumbai and Dublin, reported Bloomberg. A sign marks the location of a SoulCycle studio at Westfield Old . 215.398.7685, Back Bay 110 W 41st St Boston, MA 02210 SoulCycle is owned by Equinox Group, a holding company controlled by The Related Companies, a New . August 16, 2022 / 1:14 PM "We need to be where our customers are when they make purchasing decisions," McCarthy told the news outlet, adding that foot traffic shows they "increasingly do that online. According to the news outlet, Peloton currently operates 86 stores throughout the U.S. and Canada, and the company also plans to shutter 16 of its warehouses across the continent. SoulCycle has three locations in D.C. By clicking Sign up, you agree to receive marketing emails from Insider Sucharita Kodali, principal analyst at business research and analysis firm Forrester, also told Insider that the "good news is that they shouldn't be getting any viable new competitors in the space. Meanwhile, Meta is delaying deciding whether to hire interns so that it has more time to assess staffing needs, reported Bloomberg. 240 East 54th Street 103 Warren St In the coming days, SoulCycle will shutter around 20 of its 83 studios: six in the New York City area, five in California and others in Washington, DC, Massachusetts, Illinois, Florida and Georgia. Market data provided by ICE Data Services. 1935 14 Street NW SoulCycle is slimming down its number of nationwide locations. Peloton revealed another round of layoffs, initial public offering at the last minute, 7WEATHER: Snow, sleet, rain and wind Saturday, Greenfield police release video of car slamming into cruiser, Communities prepare for overnight snow as new round of winter weather approaches, Appeals court upholds dismissal of wrongful death lawsuit in Whitey Bulger case, Cleanup underway after car crashes into Wilmington home. Its yet another signal that consumers exercise habits continue to change as the pandemic wears on. 350 Amsterdam Avenue According to the news outlet, SoulCycle is shuttering 20 of its 83 U.S. studios in in the coming days: six in the New York City area, five in California, and others in Washington, D.C., Massachusetts, Illinois, Florida, and Georgia. 14TH ", SoulCycle has also pointed toward customers data in regards to its decision to close stores. 2325 Collins Avenue In the coming days, SoulCycle will shutter around 20 of its 83 studios: six in the New York City area, five in California (San Jose, San Francisco - SoMa . Boston, MA 02210 617.996.7685. 512.265.7500, Preston Hollow 3699 McKinney Ave #309 But, he added, "We simply must become self-sustaining on a cash flow basis.". In the coming days, SoulCycle will shutter around 20 of its 83 studios: six in the New York City area, five in California and others in Washington, DC, Massachusetts, Illinois, Florida and Georgia. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Thanks for contacting us. It's not just Peloton that's spinning into trouble: Indoor cycling studio SoulCycle is closing about 25% of its locations. In fact, two of the most popular athletic companies have just announced plans to close multiple locations in the near future. 800 Morris Turnpike, Suite 107 In light of the ongoing Coronavirus (COVID-19) developments and government mandates, keeping our riders, instructors, and staff safe is our absolute top priority. } ); Plus, you can check in for class, shop our retail collection, and see your full SoulJourneyall in one place. It will also close down in Toronto, which means a complete exit from Canada. In addition to Equinox, our other brands, Blink, Pure Yoga, SoulCycle, Equinox Hotels and Equinox Media are all recognized for inspiring and motivating members and employees to maximize life. 212.319.5085, Brooklyn Heights How many SoulCycle studios are in the US? "We've been able to analyze a lot of data that very clearly indicates to us that many of our riders have moved," she said. Both Peloton and SoulCycle have just revealed that they will be closing locations soon.
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