Indoor cycling studio SoulCycle is closing about 25% of its locations. 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. What will happen to the Soul Early bookings in my account? ", SoulCycle has also pointed toward customers data in regards to its decision to close stores. It's . Six of the 19 closures are in the New York City metro area. 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. 4303 La Jolla Village Drive New Arrivals; Price: Low to High; Price: High to Low; Best Sellers As riders continue to return to in-studio classes . 2549 Kirby Drive Las Vegas, NV 89109 Expect to sprint throughout Kaley's class and dance to some of the . 310.559.7685, Manhattan Beach 1470 Third Avenue This will allow us to continue to provide riders with the SoulCycle experience they know and love.. 212.406.1300, West 77th Street 631.324.6600, Montauk Its not just Peloton thats 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. Powered and implemented by FactSet. 310.622.7685, West Hollywood Fitness chains and independent gyms at large have been hit hard, with roughly one-third of fitness locations closing during the pandemic. Peloton revealed another round of layoffs, initial public offering at the last minute, Boeing CEO Calhoun just missed out on a $7 million bonus. Now, two athletic 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.. First published on August 16, 2022 / 1:14 PM. All Rights Reserved. It's not just Peloton that's spinning into trouble: Indoor cycling studio SoulCycle is closing about 25% of its locations. The popular product may be contaminated with dangerous bacteria, the agency confirms. 5944 W Northwest Hwy New York, NY 10065 NEWPORT BEACH, CA SoulCycle is expected to close its Newport Beach location alongside 18 others in the U.S. and Canada, Insider reported Tuesday. The outdoor SoulCycle pop-up at Union Market will close June 30. Oxygen is life.". If you would like to share a story idea, please submit it here. 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. We'll also post all studio reopenings here. All Rights Reserved. A federal judge in New York denied Peloton's motion to dismiss the case last week. We love celebrating birthdays at SoulCycle, and we look forward to celebrating you when we are back on the bike. A shrinking physical footprint is also on the horizon at Peloton. This material may not be published, broadcast, rewritten, or redistributed. 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. 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. 201.935.6408, Short Hills 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. 858-333-6190, Las Vegas SoulCycle announced this week it's permanently closing its Yaletown spin studio in Vancouver. During the pandemic, roughly one-third of fitness locations closed, resulting in the loss of 1.5 million jobs, CNN reported, citing a report from IHRSA, a fitness advisory group. soulcycle closing locations. 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. In July, Chipotle shut down a restaurant in Augusta, ME where workers previously filed to unionize. 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. Westport, CT 06880 215.398.7685, Back Bay The boutique cycling gym announced earlier this week it is closing 25% of its locations around the country. sound information and advice to make the smartest, healthiest choices. Chicago, IL 60601 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. 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 . Arlington, VA 22201 But SoulCycle, which has largely focused on in-studio classes, was hit with the other side of that trend. Peloton told employees Friday that it is slashing roughly 780 jobs, closing a significant number of its retail stores and hiking prices on some . 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. Chestnut Hill 200-230 Boylston Street. 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. SoulCycle is owned by New York-based Equinox Group. How many SoulCycle studios are in the US? + Find classes by city, studio, and . 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. Flywheel, a similar indoor spin concept, permanently closed in September 2020. 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 On Friday, Peloton revealed another round of layoffs, price hikes for some of its products and the closure of many of its retail showrooms. 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. As for Southern. SoulCycle shuttered all its locations in the early days of the pandemic and launched its own at-home bike to keep up with Peloton. ae0fcc31ae342fd3a1346ebb1f342fcb. 212.501.7685, Hudson Yards Fitness chains and independent gyms at large have been hit hard, with roughly one-third of fitness locations closing during the pandemic. [SoulCycle] is, without any doubt, a really intense workout. & 2022 Cable News Network, Inc., a WarnerMedia Company. London region currently selected. 350 Amsterdam Avenue It's not just Peloton that's spinning into trouble: Indoor cycling studio SoulCycle is closing about 25% of its locations. 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. As soon as we are given the all-clear and feel its safe to reopen our doors, youll be the first to know. (702) 637-3230, Notting Hill O'Rourke did have some words of optimism, however. 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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"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. 914.713.1202, Rye Brook 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. 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 emailed YSM and havent heard back from them yet. Chicago, IL 60610 Flywheel, a similar indoor spin concept, permanently closed in September 2020. Region selector. daily newsletter. This website is not intended for users located within the European Economic Area. WHDH broadcast educational and informational programming for children, and file quarterly reports with the FCC detailing the station's outreach to children. 972.737.7685, River Oaks SoulCycle Inc. is a corporation registered in Delaware, USA with its headquarters at 609 Greenwich Street, New York, NY 10014. 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 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. New York, NY 10007 Seattle, WA 98121 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. We've received your submission. All content Copyright 2000 - 2023 WHDH-TV. Ann Arbor, MI 48104 425.786.0004, South Lake Union Get browser notifications for breaking news, live events, and exclusive reporting. Vaccine Required - 2095 Union St Boston, MA 02210 617.996.7685. (470) 381-4770, Castro 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. 3400 Around Lenox Dr Boston News, Weather, Sports | WHDH 7News, How to register your school/organization for closings and delays. With things changing by the minute, were freezing expiration dates on all class series, at a minimum through April 30. News Tips: (800) 280-TIPS El Segundo, CA 90245 908.206.1300, La Jolla 110 W 41st St Were not seeing layoffs or pull back whatsoever there.. 212.996.7685, Williamsburg SoulCycle has joined Peloton, Hydrow, Tonal and F45 in announcing layoffs. Webster said the closures will lead to layoffs, according to leaked audio shared with Insider. On the other hand, IBM is continuing to hire amid the threat of recession. Flywheel, a similar indoor spin concept,permanently closed in September 2020. It will also close down in Toronto, which means a complete exit from Canada. Download the SoulCycle app for iPhone and Android. 0:41. But affordable gym chains, like Planet Fitness, appear to be thriving. xhr.send(payload); (CNN) Its not justPelotonthats spinning into trouble: Indoor cycling studio SoulCycle is closing about 25% of its locations. That represents the second round of layoffs this year, with Peloton cutting about2,800 workersin February. 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. It's . Aug. 13, 2022, 12:21 AM PDT. ", 2022 Galvanized Media. New York, NY 10038 Makers of in-home fitness equipment are also struggling, including NordicTrack's parent company iFit Health and Fitness. 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. 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.