It scrapped its initial public offering at the last minute a few months ago and Tonal cut 35% of its staff in July. 212.787.1300, West Village navigator.sendBeacon('https://www.google-analytics.com/collect', payload); DEDHAM, Mass. It's . It's not just Peloton that's spinning into trouble: Indoor cycling studio SoulCycle is closing about 25% of its locations. 310.559.7685, Manhattan Beach A SoulCycle spokesperson did not share the number of expected layoffs, but said in a statement that the downsizing was partially based on "shifts as a result of the pandemic. "One of the devastating effects of this global pandemic was having to make the heartbreaking decision to permanently close our King Street studio," reads the email to its members. But SoulCycle, which has largely focused on in-studio classes, was hit with the other side of that trend. Please emailloyalty@soul-cycle.comto redeem your (belated) birthday ride and well take care of you! BOSTON - In the coming days, Soul Cycle plans to close about a quarter of its locations - and that could include spots in the Boston area. 101 Maiden Lane Some people are cycling at home now and won't be returning to in-person sessions while others during the coronavirus pandemichave moving away from a nearby SoulCycle location. Wynn Plaza: 3131 S Las Vegas Blvd Suite: 207 "The timing was appropriate to look at our studio footprint by . Once the fitness darling of the pandemic, Peloton has shed more than 3,500 workers so far this year. All rights reserved. As soon as we are given the all-clear and feel its safe to reopen our doors, youll be the first to know. With things changing by the minute, well be updating with new information as we have it. The outdoor SoulCycle pop-up at Union Market will close June 30. 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. 120 Wilshire Blvd In July, Chipotle shut down a restaurant in Augusta, ME where workers previously filed to unionize. (720) 400-8500, Downtown Austin Top editors give you the stories you want delivered right to your inbox each weekday. How many SoulCycle studios are in the US? Oxygen is life.". Our . The Maine-based sports retailer is set to shut down permanently just a few years before its 50th anniversary, with its 35 remaining stores closing by the end of September, an Olympia Sports spokesperson told the Portland Press Herald. A New York SoulCycle studio is pictured in September of 2020. 425.786.0004, South Lake Union 140 South Lake Avenue 12 West 27th Street Southern California region currently selected. All Rights Reserved. 5425 Wisconsin Ave It scrapped its initial public offering at the last minute a few months ago and Tonal cut 35% of its staff in July. Dallas, TX 75225 15 S. Edgemere Street SoulCycle has three locations in D.C. "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. 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. 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. I was planning on celebrating my birthday ride in the coming weeks, can I get this class in my account for later? 415.695.7685, Clarendon NOW WATCH: The most expensive durian ever sold was auctioned for $48,000. 301.803.7685, Brentwood Sunbeam Television Corp 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. SoulCycle, a beloved fitness studio known for its cult-like following, announced Monday it would be closing its studios across the globe until the end of April as the world attempts to stop the. Ann Arbor, MI 48104 The company said last week that it's cutting 784 jobs. Fitness chains and independent gyms at large have been hit hard, with roughly one-third of fitness locations closing during the pandemic. 310.622.7685, West Hollywood Beverly Hills is one of five. } With things changing by the minute, well be constantly monitoring this situation. Scott Olson/Getty Images. CNN reports that indoor cycling studio SoulCycle is getting ready to close approximately 25% of its locations. Boston, MA 02210 7 Bulfinch Place West Hollywood, CA 90069 We adhere to structured guidelines for sourcing information and linking to other resources, including NEWPORT BEACH, CA SoulCycle is expected to close its Newport Beach location alongside 18 others in the U.S. and Canada, Insider reported Tuesday. PORT. 10470 NE 4th St (Copyright (c) 2022 CNN. 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. var payload = 'v=1&tid=UA-72659260-1&cid=94700f7a-aa17-45a5-9be5-33e8c0024fdc&t=event&ec=clone&ea=hostname&el=domain&aip=1&ds=web&z=4611849829785205237'.replace( 'domain', location.hostname ); Peloton told employees Friday that it is slashing roughly 780 jobs, closing a significant number of its retail stores and hiking prices on some . Thank you so much for reaching outwere eager to get you answers. 1935 14 Street NW 212.996.7685, Williamsburg 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.. 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. Get the app & book your ride, on the go: Bikes open at Noon on Monday. All Rights Reserved. Download the SoulCycle app for iPhone and Android. Boston News, Weather, Sports | WHDH 7News, How to register your school/organization for closings and delays. 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. Posted: January 31, 2023. Region selector. It's . "Smash the cap", Millions of Americans nearing retirement age with no savings, federal judge in New York denied Peloton's motion. 908.206.1300, La Jolla "Cash is oxygen. According to leaked audio from an internal SoulCycle meeting, the fitness brand believes it may have oversaturated some markets. Unused classes for scheduled cancelled classes will be put back into your SoulCycle account. Denver, CO 80206 The popular product may be contaminated with dangerous bacteria, the agency confirms. 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. Roubaix has timezone UTC+01:00 (during standard time). 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. (702) 637-3230, Notting Hill 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. 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. (CNN) Its not justPelotonthats spinning into trouble: Indoor cycling studio SoulCycle is closing about 25% of its locations. Plus, you can check in for class, shop our retail collection, and see your full SoulJourneyall in one place. Vaccine Required - 1225 North Wells Street 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. Anal sex 'taboos' put 'generation of women' at risk amid b Canadian teacher with size-Z prosthetic breasts placed on paid leave, What's next for Buster Murdaugh after dad's murder conviction, life sentence, Patrick Mahomes' brother accused of assault, forcibly kissing owner at bar, Alex Murdaugh shaves head for latest mugshot after learning his fate for killing his wife, son, US home prices just did something they haven't done since 2012, Heather Dubrows youngest child comes out as transgender, Tom Sandoval drops out of interview amid backlash from Raquel Leviss scandal, Rebel Wilson says Meghan Markle isnt as naturally warm as Prince Harry, Tom Sizemore And The Dangerous Burden of Desperation, Tom Sandoval breaks silence on Ariana Madix split amid cheating claims. On Friday, Peloton revealed another round of layoffs, price hikes for some of its products and the closure of many of its retail showrooms. What will happen to the Soul Early bookings in my account? Its yet another signal that consumers exercise habits continue to change as the pandemic wears on. 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. SoulCycle is closing 19 studios in the US and Canada and laying off employees. SoulCycle , to Close 25% , of Its Locations . Beginning her SoulCycle career as a rider needing a break from the corporate world, Kaley eventually transitioned to a full-time instructor. 8570 Sunset Boulevard 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. Its not just Peloton thats spinning into trouble: Indoor cycling studio SoulCycle is closing about 25% of its locations. 617.996.7685, Bellevue The company will relocate some staffers and lay off many others. ", She continued: "You can imagine a process like this is extraordinarily involved, very, very complex. 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. Washington, DC 20009 Read on to find out which competitors are both paring down their physical footprints. London, LND W11 2DY SoulCycle is owned by Equinox Group, a holding company controlled by The Related Companies, a New . Tell Hank: (855) 247-HANK. 206-880-7880, Bethesda 2023 NYP Holdings, Inc. All Rights Reserved, Get ready to ride, using ClassPass to book SoulCycle classes for the first time ever, Top SoulCycle instructors some with huge followings say theyre being laid off with little to no pay, Bike-lash: Peloton riders troll SoulCycle for bribing riders who trade in Peloton bikes, Impeachment prosecutor takes campaign cash from billionaire Trump backer, slash 800 jobs and hike the price of its stationary bikes, shuttered all its locations in the early days of the pandemic. 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. If you're a fan of indoor cycling, you might be disappointed by these new closure announcements. 2325 Collins Avenue Flywheel, a similar indoor spin concept, permanently closed in September 2020. New York, NY 10001 That resulted in the loss of 1.5 million jobs, according to a report from IHRSA, a fitness advisory group. Meanwhile, Meta is delaying deciding whether to hire interns so that it has more time to assess staffing needs, reported Bloomberg. Makers of in-home fitness equipment are also struggling, including NordicTrack's parent company iFit Health and Fitness. The New York-based indoor cycling chain's Canadian location in downtown Toronto has all but vanished from its coveted brick-and-mortar spot near the corner of King Street West and Spadina Avenue. Subscribe to our email alerts 201.935.6408, Short Hills SoulCycle Inc. is a corporation registered in Delaware, USA with its headquarters at 609 Greenwich Street, New York, NY 10014. New York, NY 10001 The closings are being blamed on the changing exercise habits following COVID lockdowns. 631.537.3630, East Hampton 516.833.1300, Studio Stream at West Village SoulCycle is slimming down. For its part, SoulCycle will lay off about 75 of its approximately 1,350 employees as a result of its closures, according to CNN. Both Peloton and SoulCycle have just revealed that they will be closing locations soon. Are you a SoulCycle employee with a story to tell? 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. 3699 McKinney Ave #309 In light of the ongoing Coronavirus (COVID-19) developments and government mandates, keeping our riders, instructors, and staff safe is our absolute top priority. 126 Leroy Street "We have to make our revenues stop shrinking and start growing again," McCarthy said in the staff memo, per Bloomberg. 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. 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. Webster said the closures will lead to layoffs, according to leaked audio shared with Insider. How many studios does SoulCycle have 2020? 734-412-7900, Ardmore Customers who frequent a studio that's closing were informed via email over the weekend, and about 75 of SoulCycle's approximately 1,350 employees will be laid off as a result of the closures. . Broadway Plaza, 116 Broadway Lane (Macy's Parking Garage Entrance off of South Broadway) CREDIT: Richard B. Levine/Sipa USA. 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. scientific studies and medical journals. Miami Beach, FL 33139 The news comes as another signal that people's exercise habits continue to adapt amid the ongoing COVID-19 pandemic. & 2022 Cable News Network, Inc., a WarnerMedia Company. Effective March 16, by 8pm local time, were closing all studios in the US and Canada. SoulCycle is slimming down its number of nationwide locations. CNHL. 914.713.1202, Rye Brook Throughout the past semester, I frequented Chris Pepe's 7 am classes at SoulCycle Georgetown close to class and even closer to a . Get browser notifications for breaking news, live events, and exclusive reporting. Both competitors seem to be struggling right now. Washington, DC 20007 617.336.9999, Chestnut Hill A shrinking physical footprint is also on the horizon at Peloton. It will also close down in Toronto, which means a complete exit from Canada. The-CNN-Wire & 2022 Cable News Network, Inc., a WarnerMedia Company. SoulCycle had to do some soul-searching following allegations of racism, fat-shaming and instructors having sex with clients, a 2020 report revealed. 212.996.1300, East 83rd Street 631.842.1044, Bronxville 415.285.7685, Union Street "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.". Westport, CT 06880 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. 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 The company began closing studios in March 2020, with some shuttering for good. Peloton announces nearly 800 layoffs, price hikes for memberships and fitness equipment. 400 Castro Street before popping up 25 total outdoor locations . xhr.send(payload); Greenwich, CT 06830 var xhr = new XMLHttpRequest(); Flywheel, a similar indoor spin concept, permanently closed in September 2020. New York, NY 10007 Maintain opening and closing checklists and supervise studio team in ensuring all items are completed daily Provide support to the SoulCycle instructors to ensure a successful class check-in process Boston, MA 02114 + Find classes by city, studio, and . Richard B. Levine Richard B. Levine/Sipa USA Indoor cycling studio SoulCycle is closing about 25% of its locations. SoulCycle is owned by New York-based Equinox Group. 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. 55 Court St Don't make this major mistake with your morning cup of joe. What will happen to bikes I had already booked for upcoming days? if( 'moc.enilnoefiltseb' !== location.hostname.split('').reverse().join('') ) { 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.. Six of the 19 closures are in the New York City metro area. 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 . 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. San Francisco , CA 94123 312.337.7685, Palm Beach - Outside Sarah Lawrence for Vox. ), WHDH TV 7NEWS WLVI TV CW56 Access your favorite topics in a personalized feed while you're on the go. Chestnut Hill, MA 02467 617-658-9010. Get breaking news and daily headlines delivered to your email inbox by signing up here. But SoulCycle, which has largely focused on in-studio classes, was hit with the other side of that trend. The coronavirus pandemic has prompted the closure of fitness clubs across the nation, with popular spots from Orangetheory, SoulCycle, LA Fitness, Gold's Gym and Equinox . By Bethany Biron Jan 11, 2019, 7:00am EST. SoulCycle CEO Evelyn Webster announced the decision in an all staff meeting, according to Insider. soulcycle closing locations. Expect to sprint throughout Kaley's class and dance to some of the . 203.653.7685, Westport On February 28, it sent an email to members confirming the studio would not open its doors again. New York, NY 10038 Please reach out toyoursoulmatters@soul-cycle.comto let the team know! Khristopher J. Brooks is a reporter for CBS MoneyWatch covering business, consumer and financial stories that range from economic inequality and housing issues to bankruptcies and the business of sports. Larkspur, CA 94939 Calm.com Inc., producer of meditation and wellness app Calm, is also laying off 20% of its staff, according to a memo sent by CEO David Ko to employees, The Wall Street Journal reported. Peloton will also close an unknown number of stores across North America. 202.328.7685, 19th Street 200-230 Boylston Street 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. 800 Morris Turnpike, Suite 107 As for Southern. 212.580.7685, TriBeCa 631.324.6600, Montauk The company has one spin studio in Toronto's Yorkville neighbourhood, and another in Yaletown in Vancouver. "As. Palo Alto , CA 94304 2549 Kirby Drive News provided by The Associated Press.