Westport, CT 06880 It's not just Peloton that's spinning into trouble: Indoor cycling studio SoulCycle is closing about 25% of its locations. About 75 workers are slated for the chopping blocks out. SoulCycle to close several locations, including one in Dedham - WCVB 15 S. Edgemere Street 2549 Kirby Drive Seaport 101 Seaport Boulevard. Walnut Creek, CA 94596 For more information on this site, please read our Privacy Policy, and Terms of Service. SoulCycle to shut down 3 Southern California locations | KTLA SoulCycle is closing 25% of its studios - KESQ But affordable gym chains, like Planet Fitness, appear to be thriving. 240 East 54th Street Top editors give you the stories you want delivered right to your inbox each weekday. It's not just Peloton that's spinning into trouble: Indoor cycling studio SoulCycle is closing about 25% of its locations. With things changing by the minute, were freezing expiration dates on all class series, at a minimum through April 30. 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. "This will allow us to continue to provide riders with the SoulCycle experience they know and love.". "Cash is oxygen. With things changing by the minute, well be constantly monitoring this situation. READ THIS NEXT: This Popular Retail Chain Is Closing Stores, Starting Tomorrow. First published on August 16, 2022 / 1:14 PM. Vaccine Required - 1225 North Wells Street if( navigator.sendBeacon ) { CNN reports that indoor cycling studio SoulCycle is getting ready to close approximately 25% of its locations. That resulted in the loss of 1.5 million jobs, according to a report from IHRSA, a fitness advisory group. 858-333-6190, Las Vegas 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. SoulCycle closing 20 locations across US due to pandemic SoulCycle to Close 19 Studios and Layoff Staffers. See the List. +44 203 745 6245, Old Town On Friday,Peloton revealed another round of layoffs,price hikes for some of its products and the closure of many of its retail showrooms. } "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. Its yet another signal that consumers exercise habits continue to change as the pandemic wears on. Market data provided by ICE Data Services. SoulCycle names Evelyn Webster as new CEO - CNBC West Palm Beach, FL 33401 120 Wilshire Blvd 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 is closing 5 California locations - Silicon Valley Flywheel, a similar indoor spin concept,permanently closed in September 2020. daily newsletter. 312.337.7685, Palm Beach - Outside SoulCycle is closing 19 studios, CEO Evelyn Webster told staffers on Friday. The company is also planning to end its presence in Toronto, which will take SoulCycle out of Canada altogether. A New York SoulCycle studio is pictured in September of 2020. 617.996.7685, Bellevue SoulCycle is closing 19 studios, CEO Evelyn Webster told staffers on Friday. SoulCycle to Close Up to 20 Studios, Including in DC 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. 202.332.7685, Georgetown This serious health hazard becomes more dangerous as you age. 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 . SoulCycle is a fitness company owned by Equinox Group which offers indoor cycling and spinning workout classes. New York , NY 10011 Chestnut Hill, MA 02467 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. The company said last week that it's cutting 784 jobs. New York, NY 10003 Once the fitness darling of the pandemic, Peloton has shed more than 3,500 workers so far this year. I emailed YSM and havent heard back from them yet. The high-intensity indoor cycling trend is probably falling out of favor as SoulCycle plans to close 20 locations across the US and recently Peloton announced it was closing about 800 employees, Most of the SoulCycle closures will be in New York, but locations in California, Massachusetts, Illinois . "Going forward, if management of Peloton and SoulCycle can make the necessary cost adjustments without destroying quality fitness experiences and teams of people who make those experiences great, their prospects remain good for the long term," he said. 310.657.7685, Brickell 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. In fact, two of the most popular athletic companies have just announced plans to close multiple locations in the near future. Flywheel, a similar indoor spin concept, permanently closed in September 2020. Get the app & book your ride, on the go: Bikes open at Noon on Monday. The-CNN-Wire & 2022 Cable News Network, Inc., a WarnerMedia Company. But SoulCycle, which has largely focused on in-studio classes, was hit with the other side of that trend. SoulCycle Shuts Down Toronto's King Street Location Effective March 16, by 8pm local time, we're closing all studios in the US and 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. Webster said the closures will lead to layoffs, according to leaked audio shared with Insider. Vaccine Required - 2105 9th Avenue Arlington, VA 22201 561.465.8937, Palo Alto Vaccine Required - 111 West Wacker It's not just Peloton that's spinning into trouble: Indoor cycling studio SoulCycle is closing about 25% of its locations. SoulCycle will close about 20 of its 83 studios in the coming days. Please complete the form below and click on subscribe for daily newsletters from HRD America. Don't make this major mistake with your morning cup of joe. Santa Monica, CA 90401 Read on to find out which competitors are both paring down their physical footprints. ), WHDH TV 7NEWS WLVI TV CW56 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. These Popular Athletic Chain Competitors Are Both Closing Locations 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.. 3699 McKinney Ave #309 A New York SoulCycle studio is pictured in September of 2020. Equinox Seeks Delay on Promise to Backstop SoulCycle's Debt How Many Soulcycle Studios Are There - BikeHike In the meeting, Webster also cited "fairly significant geographic shifts" among SoulCycle's customer base as a significant reason behind the closures. Its yet another signal that consumers exercise habits continue to change as the pandemic wears on. SoulCycle is closing 25% of its studios - KVIA Throughout the past semester, I frequented Chris Pepe's 7 am classes at SoulCycle Georgetown close to class and even closer to a . SoulCycle To Close Newport Beach Location, 18 Others: Report 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. soulcycle closing locations. Get breaking news and daily headlines delivered to your email inbox by signing up here. Hoboken, NJ 07030 Two cycling fitness brands are shrinking: SoulCycle has announced this week it would close multiple locations across the U.S., and Peloton has announced thousands of layoffs this year. What will happen to my class series and packages? All rights reserved. The outdoor SoulCycle pop-up at Union Market will close June 30. Boston News, Weather, Sports | WHDH 7News, How to register your school/organization for closings and delays. Equinox-owned SoulCycle, known for its indoor cycling and spinning workouts, is closing 19 of its 83 studios in the U.S. and Canada. SoulCycle is closing 25% of its studios | Focus Economy | wktv.com 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. 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. 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. Six of the 19 closures are in the New York City metro area. Miami Beach, FL 33139 Atlanta, GA 30326 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. It's not just Peloton that's spinning into trouble: Indoor cycling studio SoulCycle is closing about 25% of its locations. SoulCycle permanently closes Vancouver spin studio | Venture - Daily Hive 1042 Wisconsin Avenue NW 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. SoulCycle, on the other hand, is gearing up to close 25 percent of its locations, CNN reported on Aug. 15, and these closures are set to start even sooner than Peloton. East Hampton, NY 11937 By Lauren Thomas, CNBC. 12 West 27th Street ", Through its downsizing, Peloton will also increase the prices of its stationary bicycle and treadmill products, as well as slash an additional 800 jobsmaking it the company's third round of layoffs in 2022, according to Insider. San Francisco, CA 94114 How many SoulCycle studios are in the US? This website is not intended for users located within the European Economic Area. Copyright 2023 CBS Interactive Inc. All rights reserved. SoulCycle and the Wild Ride - Town & Country 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 offnearly 800 workers. 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. The boutique cycling gym announced earlier this week it is closing 25% of its locations around the country. 350 Amsterdam Avenue 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. Fitness chains and independent gyms at large have been hit hard, with roughly one-third of fitness locations closing during the pandemic. CREDIT: Richard B. Levine/Sipa USA. "This will allow us to continue to provide riders with the SoulCycle experience they know and love.". Six of the 19 closures are in the New York City metro area. 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. } else { Broadway Plaza, 116 Broadway Lane (Macy's Parking Garage Entrance off of South Broadway) Makers of in-home fitness equipment are also struggling, including NordicTrack's parent company iFit Health and Fitness. 212.996.7685, Williamsburg Peloton told employees Friday that it is slashing roughly 780 jobs, closing a significant number of its retail stores and hiking prices on some . By Andrea Swalec Published August 16, 2022 Updated on August 16, 2022 at 6:00 pm. SoulCycle has joined Peloton, Hydrow, Tonal and F45 in announcing layoffs. 196 Kent Avenue SoulCycle closing 20 locations across US - New York Post 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. Sign up for notifications from Insider! The company has one spin studio in Toronto's Yorkville neighbourhood, and another in Yaletown in Vancouver. The Best SoulCycle Instructors in Every City - Spoon University SoulCycle is closing 25% of its studios | KRDO Twitter is scaling back its offices in different cities across the world. 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. SoulCycle: Indoor Cycling on the App Store Seattle, WA 98121 xhr.setRequestHeader('Content-Type', 'text/plain;charset=UTF-8'); O'Rourke did have some words of optimism, however. West Hollywood, CA 90069 Tell Hank: (855) 247-HANK. ae0fcc31ae342fd3a1346ebb1f342fcb. 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. 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. Boston, MA 02210 Its yet another signal that consumers exercise habits continue to change as the pandemic wears on. SoulCycle to hit brakes on nearly 25% of its locations But SoulCycle, which has largely focused on in-studio classes, was hit with the other side of that trend. SoulCycle plans to close 25% of studios - CBS Boston 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. 11640 San Vicente Boulevard Bestlifeonline.com is part of the Meredith Health Group. It will also close down in Toronto, which means a complete exit from Canada. August 16, 2022 / 1:14 PM Back Bay 500 Boylston Street (on the corner of Clarendon Street and St. James Avenue) Boston, MA 02116 617.336.9999. 734-412-7900, Ardmore Palo Alto , CA 94304 250 S Service Road In total, the company will close 17 of its current 83 studios including its lone studio in Toronto, Canada. Legal Statement. 718.208.1300, Ann Arbor 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. 212.996.1300, East 83rd Street SoulCycle is slimming down its number of nationwide locations. 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. Pasadena , CA 91101 The social media giant will reduce office size in San Francisco, New York, Tokyo, Mumbai and Dublin, reported Bloomberg. SoulCycle has three locations in D.C. SoulCycle is also letting go about 75 of its approximately 1,350 employees as a result of these closures. 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. SoulCycle had to do some soul-searching following allegations of racism, fat-shaming and instructors having sex with clients, a 2020 report revealed. Were not seeing layoffs or pull back whatsoever there.. 266 Mason Street Richard B. Levine Richard B. Levine/Sipa USA Indoor cycling studio SoulCycle is closing about 25% of its locations. A New York SoulCycle studio is pictured in September of 2020.