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.. 240 East 54th Street 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 Toronto. Peloton announces nearly 800 layoffs, price hikes for memberships and fitness equipment. As a result, Insider reported that SoulCycle CEO Evelyn Webster told staff the following during an Aug. 12 company meeting, "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. 203.653.7685, Westport In light of the ongoing Coronavirus (COVID-19) developments and government mandates, keeping our riders, instructors, and staff safe is our absolute top priority. 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. All rights reserved. Boston, MA 02210 If you're a fan of indoor cycling, you might be disappointed by these new closure announcements. / MoneyWatch. 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. 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. Roslyn Heights, NY 11577 734-412-7900, Ardmore 2023 WTOP. Equinox-owned SoulCycle, known for its indoor cycling and spinning workouts, is closing 19 of its 83 studios in the U.S. and Canada. CNN reports that SoulCycle will shutter around 20 of its . 212.996.7685, Williamsburg 631.537.3630, East Hampton Makers of in-home fitness equipment are also struggling, including NordicTracks parent company iFit Health and Fitness. We will have a select group of employees monitoring our studio accounts over the coming weeks so feel free to reach them there if you have an issue. 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.. 110 W 41st St That resulted in the loss of 1.5 million jobs, according to a report from IHRSA, a fitness advisory group. Seattle, WA 98121 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. SoulCycle is closing 19 studios in the US and Canada and laying off employees. 120 Wilshire Blvd Dedham SoulCycle members were notified about the closure over the weekend, along with members at studios in New York, California, Illinois, Georgia, Florida and Washington, DC. A New York SoulCycle studio is pictured in September of 2020. 650.784.7510, Walnut Creek And now the company is adding 20 new locations for those who are ready to . Legal Statement. Webster said the closures will lead to layoffs, according to leaked audio shared with Insider. Bellevue, WA 98004 A New York SoulCycle studio is pictured in September of 2020. 3400 Around Lenox Dr 8570 Sunset Boulevard And if that's not enough, there's a . 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.. Makers of in-home fitness equipment are also struggling, including NordicTracks parent company iFit Health and Fitness. Show all. Contact this reporter via email at bbiron@insider.com or by encrypted messaging app Signal at +1 (646) 768-4706. 1107 S University Ave, Suite D By Lauren Thomas, CNBC. File photo. It scrapped its initial public offering at the last minute a few months ago and Tonal cut 35% of its staff in July. 212.860.1300, NoMad The company had previously closed its more than 100 Russian stores temporarily in March amid the country's invasion on Ukraine, but just three months later, Nike revealed that the stores "will not reopen.". "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. It did not say which would close. 400 Castro Street It's not just Peloton that's spinning into trouble: Indoor cycling studio SoulCycle is closing about 25% of its locations. El Segundo, CA 90245 "Smash the cap", Millions of Americans nearing retirement age with no savings, federal judge in New York denied Peloton's motion. Its website lists its 14th Street, Georgetown, and West End locations as "reopening soon." The group Vaccine Required - 111 West Wacker The Square, 700 S Rosemary Ave #132 The outdoor SoulCycle pop-up at Union Market will close June 30. 384 Lafayette Street With things changing by the minute, well be updating with new information as we have it. We'll also post all studio reopenings here. Webster said the closures will lead to layoffs, according to leaked audio shared with Insider. 617-658-9010, Seaport 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. Most of the SoulCycle closings will be in New York, but locations in California, Massachusetts, Illinois, Florida, Georgia and Washington state will also be SoulCycle shuttered all its locations in the early days of the pandemic and launched its own at-home bike to keep up with Peloton. The company is headquartered in the West Village in Manhattan, New York City.. Fitness chains and independent gyms at large have been hit hard, with roughly one-third of fitness locations closing during the pandemic. 202.328.7685, 19th Street 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. New York , NY 10011 425.786.0004, South Lake Union PORT. 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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. soulcycle closing locations. The closures are a result of shifts caused by. Peloton had received a boost from Covid-19 closures, as consumers looked to exercise from home when gyms shuttered. . (702) 637-3230, Notting Hill 914.713.1202, Rye Brook 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 for Southern. A shrinking physical footprint is also on the horizon at Peloton. 25 SW 9th Street It will also close down in Toronto, which means a complete exit from Canada. 203.683.7685, Hoboken Peloton will also close an unknown number of stores across North America. 1042 Wisconsin Avenue NW 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 . Effective March 16, by 8pm local time, were closing all studios in the US and Canada. 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. Scott Olson/Getty Images. 312.337.7685, Palm Beach - Outside All Rights Reserved. There will soon be fewer SoulCycle studios in California and other parts of the United States. Overall, the company will shutter around 20 of its 83 studios, including six in the New York City area and others in Washington, DC, Massachusetts, Illinois, Florida and Georgia. The company said last week that it's cutting 784 jobs. First published on August 16, 2022 / 1:14 PM. New York, NY 10018 This website is not intended for users located within the European Economic Area. The public may view the reports by going to WHDH.com and clicking on "FCC Public File", or by visiting the FCC's website at FCC.org. Tech companies who feel theyve achieved economies of scale with their traditional office workforce are reducing headcount in that environment, while employment numbers on the front lines, such as linguistics, manufacturing and everything thats involved with non-desk work, continue to grow, Dan Johnston, co-founder and CEO of WorkStep, a San Francisco-based workforce retention technology company, told HRD. 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. But affordable gym chains, like Planet Fitness, appear to be thriving. 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. The-CNN-Wire & 2022 Cable News Network, Inc., a WarnerMedia Company. Please complete the form below and click on subscribe for daily newsletters from HRD America. Cheaper classes and luxury at-home bikes like Peloton are cutting into their customer base. These aren't the first closures that athletes have had to deal with in 2022. This material may not be published, broadcast, rewritten, or redistributed. To stay competitive, Soul opened outdoor studios in 14 locations over the summer, but the company was still struggling with its at-home product. 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. The popular product may be contaminated with dangerous bacteria, the agency confirms. Vaccine Required - 265 St. Paul Street In an email to members, SoulCycle said the decision was made due to current COVID-19 restrictions in place in both cities, as well as their expectation that harsher measures are . Full-Time. Boston, MA 02210 617.996.7685. KTVZ NewsChannel 21 is committed to providing a forum for civil and constructive conversation. But SoulCycle, which has largely focused on in-studio classes, was hit with the other side of that trend. For any questions about class series extensions, please emailyoursoulmatters@soul-cycle.com. 669 Stanford Shopping Center, C12 Its yet another signal that consumers exercise habits continue to change as the pandemic wears on. After its successful launch in the Hamptons last summer, SoulCycle Outside opened in Boston, Palm Beach, and Hoboken. 15 S. Edgemere Street Flywheel, a similar indoor spin concept, permanently closed in September 2020. New York, NY 10014, SoulCycle Inc. is a corporation registered in Delaware, USA with its headquarters at 609 Greenwich Street, New York, NY 10014, 500 Boylston Street (on the corner of Clarendon Street and St. James Avenue), Wynn Plaza: 3131 S Las Vegas Blvd Suite: 207, Vaccine Required - 1225 North Wells Street, Broadway Plaza, 116 Broadway Lane (Macy's Parking Garage Entrance off of South Broadway). "As. Makers of in-home fitness equipment are also struggling, including NordicTracks parent company iFit Health and Fitness. } else { 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. Miami Beach, FL 33139 "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. 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. Meanwhile, Meta is delaying deciding whether to hire interns so that it has more time to assess staffing needs, reported Bloomberg. ", She continued: "You can imagine a process like this is extraordinarily involved, very, very complex. The high-intensity indoor cycling trend is perhaps falling out of favor as SoulCycle plans to close 20 locations across the U.S. and Peloton recently announced it is laying off nearly 800 workers. SoulCycle is slimming down its number of nationwide locations. } Chestnut Hill, MA 02467 617-658-9010. SoulCycle is closing 20 stores nationwide. daily newsletter. Flywheel, a similar indoor spin concept, permanently closed in September 2020. Once the fitness darling of the pandemic, Peloton has shed more than 3,500 workers so far this year. Wynn Plaza: 3131 S Las Vegas Blvd Suite: 207 In light of the ongoing Coronavirus (COVID-19) developments and government mandates, keeping our riders, instructors, and staff safe is our absolute top priority. But affordable gym chains, like Planet Fitness, appear to be thriving. That represents the second round of layoffs this year, with Peloton cutting about2,800 workersin February. CNHL. 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. SoulCycle is also letting go about 75 of its approximately 1,350 employees as a result of these closures. 212.639.1300, Financial District Bestlifeonline.com is part of the Meredith Health Group. This will allow us to continue to provide riders with the SoulCycle experience they know and love.. 561.465.8937, Palo Alto Peloton revealed another round of layoffs, initial public offering at the last minute, Boeing CEO Calhoun just missed out on a $7 million bonus. Severe Weather Las Vegas, NV 89109 617.336.9999, Chestnut Hill The privately held company, owned by Equinox, did open some SoulCycle studios outdoors and evencreated an $2,500 at-home bikein an effort to weather the pandemic. The closings are being blamed on the changing exercise habits following COVID lockdowns. At the end of December, users of the . Rye Brook , NY 10573 McCarthy described the decision as "a significant and aggressive reduction of Peloton's retail footprint," although he didn't say when those closings would happen. On Friday, Peloton revealed another round of layoffs, price hikes for some of its products and the closure of many of its retail showrooms. But, he added, "We simply must become self-sustaining on a cash flow basis.". 832.968.7685, Uptown 0:41. Webster said that while the company intends to relocate some staffers to other SoulCycle locations, some staffers can expect layoffs, though she did not specify how many. 305.407.8801, Coral Gables Our UK studios will be closed effective March 17. 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. 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 , to Close 25% , of Its Locations . The firm operates on a pay-per-class . Greenwich, CT 06830 The company will also completely exit Canada with the closing of its Toronto studio. 140 South Lake Avenue 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. It involves our teammates of colleagues, first and foremost, our riders, and of course, all of the landlord negotiations which in their own right is very, very complicated. SoulCycle was forced to close its studios as Covid first hit American shores, and some didnt reopen until about a year later as state and local rules allowed including its flagship in New York. 914.713.1201, Buckhead 126 Leroy Street A few athletic companies have already announced closures this year. 212.319.5085, Brooklyn Heights "This will allow us to continue to provide riders with the SoulCycle experience they know and love.". 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. On Friday, Peloton revealed another round of layoffs, price hikes for some of its products and the closure of many of its retail showrooms. New York, NY 10038 What I will tell you, is this is absolutely the right decision.". 212.996.1300, East 83rd Street 212.580.7685, TriBeCa 310.622.7685, West Hollywood Bronxville, NY 10708 Peloton also finds itself facing a class-action lawsuit from customers who allege the company falsely advertised an "ever-growing" library of classes while actually eliminating classes behind the scenes. Finally, in October, with Peloton miles ahead,. Richard B. Levine Richard B. Levine/Sipa USA Indoor cycling studio SoulCycle is closing about 25% of its locations. 250 S Service Road Bridgehampton, NY 11932 Peloton had received a boost from Covid-19 closures, as consumers looked to exercise from home when gyms shuttered. News Tips: (800) 280-TIPS 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. Broadway Plaza, 116 Broadway Lane (Macy's Parking Garage Entrance off of South Broadway) Company also laying off about 75 employees. Store closures have become a common occurrence over the past couple years. San Diego, CA 92122 } ); 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. Locations include Los Angeles, Miami and San Francisco and the company also operates brands including Blink Fitness, Precision Run and Pure Yoga, which permanently closed at least one location in. 350 Amsterdam Avenue Region selector. 8 West 19th Street Peloton revealed another round of layoffs, initial public offering at the last minute, Boeing CEO loses $7M bonus, keeps $22.5 million compensation, It really doesnt concern me: Arlington Co. official reacts after Amazon HQ2 construction put on hold, Franklin Square leases up despite pandemic, office downsizing, Md. News provided by The Associated Press. ADVERTISEMENT The studio has been closed since November 2020 due to the COVID-19 pandemic, although at the time SoulCycle said the closure would be temporary. 21 Rye Ridge Plaza 212.724.1300, East 63rd Street Indoor cycling studio SoulCycle is closing about 25% of its locations. But affordable gym chains, like Planet Fitness, appear to be thriving. Indoor cycling studio SoulCycle is closing about a quarter of its locations across the country, including the one in Dedham, Massachusetts, according to Business Insider. 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 . Austin, TX 78701 With a revolutionary workout, legendary instructors, and epic playlists, SoulCycle is the ultimate mind-body-soul experience. SoulCycle CEO Evelyn Webster told employees the news on Friday, adding that the closures will result in some layoffs.CNN reported that around 75 of the company's 1,350 employees will be laid off. For more up-to-date information, sign up for our Houston, TX 77019 Were not seeing layoffs or pull back whatsoever there.. SoulCycle is owned by New York-based Equinox Group. xhr.setRequestHeader('Content-Type', 'text/plain;charset=UTF-8'); Peloton, which peaked during the pandemic, saw its value tank post-lockdown and on Friday announced that it will slash 800 jobs and hike the price of its stationary bikes. Most of the SoulCycle closings will be in New York, but locations in California, Massachusetts, Illinois, Florida, Georgia and Washington state will also be shuttered, the company confirmed. Get the app & book your ride, on the go: Bikes open at Noon on Monday. It will also close down in Toronto, which means a complete exit from Canada. Indoor cycling studio SoulCycle is closing about 25% of its locations, including in D.C. Log in to your WTOP account for notifications and alerts customized for you. In total, the company will close 17 of its current 83 studios including its lone studio in Toronto, Canada. 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. 12 West 27th Street soulcycle closing locations. The company is also planning to end its presence in Toronto, which will take SoulCycle out of Canada altogether. 68 Newtown Lane Flywheel, a similar indoor spin concept, permanently closed in September 2020. We love celebrating birthdays at SoulCycle, and we look forward to celebrating you when we are back on the bike. 212-583-1378, NoHo Twitter is scaling back its offices in different cities across the world. San Francisco , CA 94123 Short Hills, NJ 07078 Boston, MA 02116 "Unfortunately, this does mean given the number of studios and the number of markets that we're talking about, that this will ultimately lead to a number of our teammates losing their employment with SoulCycle," she said. On February 28, it sent an email to members confirming the studio would not open its doors again. After news broke online yesterday that SoulCycle's King Street location in Toronto appeared to be shuttered, SoulCycle has confirmed that the location is permanently closing. According to the email, the Ponce studio, which opened in late September 2019, will close after its evening classes on Thursday August 18. "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.". (720) 400-8500, Downtown Austin SoulCycle is closing both of their Canadian locations until at least the end of the year due to COVID-19.. Aug. 13, 2022, 12:21 AM PDT. Our UK studios will be closed effective March 17. At least 10 dead after winter storm slams South, Midwest, The Saturday Six: Dental device controversy, scientist's bug find and more, Indonesia fuel depot fire kills 18; more than a dozen missing, 3 children killed, 2 others wounded at Texas home, Man charged for alleged involvement in 2 transformer explosions, Nikki Haley slams potential GOP contenders, and Trump and George W. 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These Popular Athletic Chain Competitors Are Both Closing Locations, This Popular Retail Chain Is Closing Stores, Starting Tomorrow, For more up-to-date information, sign up for our ", "These are hard choices because we are impacting people's lives," McCarthy wrote. SoulCycle CEO Evelyn Webster informed employees at an All Hands meeting that the Equinox-owned fitness company will close 19 studios in the United States and Canada. SoulCycle will close at least 19 of its 83 studios across the U.S., including at least two in the Chicago area, amid adjustments related to the pandemic, a spokesman told NBC Tuesday. As we learn more, well continue to update you with new information. 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. It was founded in 2006, and has operations in the United States, Canada, and the United Kingdom. Here in the U.S., Olympia Sports announced in July that it would be shuttering all of its retail stores before the end of the year. DEDHAM, Mass. London region currently selected. 214.360.7685, Greenwich But while there have been clear struggles in the grocery, pharmacy, and clothing sectors, athletic chains are also feeling the heat. SoulCycle was forced to close its studios as Covid first hit American shores, and some didnt reopen until about a year later as state and local rules allowed including its flagship in New York. Arlington, VA 22201 It scrapped its initial public offering at the last minute a few months ago and Tonal cut 35% of its staff in July.