Bryan O'Rourke, a fitness analyst at the International Health Racquet and Sportsclub Association, told Insider that Peloton is struggling as many people return to in-person fitness after the height of the pandemic, while SoulCycle hasn't been able to regain its pre-pandemic momentum because of increased competition from Peloton and other at-home fitness offerings. Severe Weather Also, Citigroup has announced plans for a hiring spree to fill a new division. That resulted in the loss of 1.5 million jobs, according to a report from IHRSA, a fitness advisory group. (702) 637-3230, Notting Hill Boston, MA 02210 617.996.7685. 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. SoulCycle has three locations in D.C. We are experiencing a high volume of correspondence at the moment, but are working to get back to you as soon as possible. Company also laying off about 75 employees. The closings leave 13 locations in Manhattan, two in Brooklyn and three others on the East End Bridgehampton, East Hampton and Montauk. The Square, 700 S Rosemary Ave #132 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. SoulCycle CEO Evelyn Webster announced the decision in an all staff meeting, according to Insider. In July, Chipotle shut down a restaurant in Augusta, ME where workers previously filed to unionize. Miami, FL 33131 Shops at Merrick Park 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. Were not seeing layoffs or pull back whatsoever there.. Bridgehampton, NY 11932 372 Post Road E Makers of in-home fitness equipment are also struggling, including NordicTracks parent company iFit Health and Fitness. 212.406.1300, West 77th Street With things changing by the minute, well be updating with new information as we have it. 800 Morris Turnpike, Suite 107 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. How many SoulCycle studios are in the US? As soon as we are given the all-clear and feel its safe to reopen our doors, youll be the first to know. 1935 14 Street NW Daily Weather Forecast Washington, DC 20007 This story has been shared 106,493 times. 94 Kraft Avenue The company will relocate some staffers and lay off many others. It will also close down in Toronto, which means a complete exit from Canada. Stay up to date with what you want to know. Now, two athletic competitors are both closing locations. Our UK studios will be closed effective March 17. Some of these shifts have been based on geography and therefore we are naturally reevaluating our portfolio of studios to assess whether there is an opportunity to right-size in certain markets. 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. After its successful launch in the Hamptons last summer, SoulCycle Outside opened in Boston, Palm Beach, and Hoboken. The privately-run company, owned by Equinox Group, will shutter four New York City locations in Midtown, Soho, West 92nd St. and Park Slope, Brooklyn along with a Hamptons outpost in Water Mill, sources said. Staffing shortage is the biggest reason for the decision, said Laurie Schalow, chief corporate affairs officer at Chipotle, according to a CNN report. } Vaccine Required - 2105 9th Avenue 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. 115A Portobello Road Cheaper classes and luxury at-home bikes like Peloton are cutting into their customer base. 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. Peloton had received a boost from Covid-19 closures, as consumers looked to exercise from home when gyms shuttered. 101 Maiden Lane 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 is headquartered in the West Village in Manhattan, New York City.. SoulCycle is closing 19 studios, CEO Evelyn Webster told staffers on Friday. London, LND W11 2DY 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. 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. 310.622.7685, West Hollywood Its yet another signal that consumers exercise habits continue to change as the pandemic wears on. SoulCycle is closing both of their Canadian locations until at least the end of the year due to COVID-19.. A New York SoulCycle studio is pictured in September of 2020. Its website lists its 14th Street, Georgetown, and West End locations as "reopening soon." The group How many studios does SoulCycle have 2020? But affordable gym chains, like Planet Fitness, appear to be thriving. We love celebrating birthdays at SoulCycle, and we look forward to celebrating you when we are back on the bike. ATM thieves use glue and 'tap' function to drain accounts at Chase, Big Bear begins running out food and fuel as ski resorts remain open, Texas mom in custody after 5 of her kids were stabbed, leaving 3 dead. 305.407.8801, Coral Gables + Find classes by city, studio, and . Westport, CT 06880 The outdoor SoulCycle pop-up at Union Market will close June 30. Chicago, IL 60610 126 Leroy Street 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. 202.328.7685, 19th Street Copyright 2022 by WTOP. Los Angeles, CA 90049 8 West 19th Street San Francisco, CA 94114 In early 2020, before the COVID-19 pandemic, it operated 99 studios. SoulCycle is slimming down its number of nationwide locations. Apple Inc. also plans to slow hiring and spending growth next year, Bloomberg News reported. 734-412-7900, Ardmore Last week, the company told employees that its cutting roughly 780 jobs, including in delivery and in-house support, as it will be closing a significant number of its 86 retail locations and is planning for an aggressive reduction beginning in 2023. ", "These are hard choices because we are impacting people's lives," McCarthy wrote. And if that's not enough, there's a . 561.465.8937, Palo Alto SoulCycle will shutter about 20 of its 83 studios: six in the New York City area, five in California and others in Washington, D.C., Massachusetts, Illinois . That resulted in the loss of 1.5 million jobs, according to a report from IHRSA, a fitness advisory group. NEWPORT BEACH, CA SoulCycle is expected to close its Newport Beach location alongside 18 others in the U.S. and Canada, Insider reported Tuesday. Our . Roubaix has timezone UTC+01:00 (during standard time). 925.239.7685, Roslyn [emailprotected]. Meanwhile, Meta is delaying deciding whether to hire interns so that it has more time to assess staffing needs, reported Bloomberg. & 2022 Cable News Network, Inc., a WarnerMedia Company. 15 S. Edgemere Street 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. 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. As we learn more, well continue to update you with new information. Montauk, NY 11954 Vaccine Required - 1225 North Wells Street ", She continued: "You can imagine a process like this is extraordinarily involved, very, very complex. On Friday, Peloton revealed another round of layoffs, price hikes for some of its products and the closure of many of its retail showrooms. West Hollywood, CA 90069 (CNN) Its not justPelotonthats 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 Georgia. It's . And now the company is adding 20 new locations for those who are ready to . With a revolutionary workout, legendary instructors, and epic playlists, SoulCycle is the ultimate mind-body-soul experience. Be the first to know about the latest news. / MoneyWatch. 3400 Around Lenox Dr It's yet another signal that consumers' exercise habits continue to change as the pandemic wears on. 110 W 41st St I emailed YSM and havent heard back from them yet. 415.695.7685, Clarendon SoulCycle is also letting go about 75 of its approximately 1,350 employees as a result of these closures. 2023 WTOP. daily newsletter. 4931 Elm st 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. . Please complete the form below and click on subscribe for daily newsletters from HRD America. Bestlifeonline.com is part of the Meredith Health Group. 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. The popular product may be contaminated with dangerous bacteria, the agency confirms. 718.208.1300, Ann Arbor What I will tell you, is this is absolutely the right decision.". Copyright 2023 CBS Interactive Inc. All rights reserved. August 16, 2022 / 1:14 PM 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. 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. Vaccine Required - 2095 Union St For its part, SoulCycle will lay off about 75 of its approximately 1,350 employees as a result of its closures, according to CNN. +44 203 745 6245, Old Town 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. Peloton announces nearly 800 layoffs, price hikes for memberships and fitness equipment. We adhere to structured guidelines for sourcing information and linking to other resources, including "We have to make our revenues stop shrinking and start growing again," McCarthy said in the staff memo, per Bloomberg. Daily News Updates 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. Still, SoulCycle continues to eye expansion. Finally, in October, with Peloton miles ahead,. 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. According to leaked audio from an internal SoulCycle meeting, the fitness brand believes it may have oversaturated some markets. It will also close down in Toronto, which means a complete exit from Canada. About 75 workers are slated for the chopping blocks out. soulcycle closing locations. According to the email, the Ponce studio, which opened in late September 2019, will close after its evening classes on Thursday August 18. On Friday, Peloton revealed another round of layoffs, price hikes for some of its products and the closure of many of its retail showrooms. Flywheel, a similar indoor spin concept, permanently closed in September 2020. Palo Alto , CA 94304 2 Coulter Avenue xhr.send(payload); 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. Posted: January 31, 2023. SoulCycle is owned by New York-based Equinox Group. This website is not intended for users located within the European Economic Area. 2549 Kirby Drive Scott Olson/Getty Images. "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.". Store closures have become a common occurrence over the past couple years. SoulCycle is closing 19 studios, CEO Evelyn Webster told staffers on Friday. Show all. Our content is fact checked by our senior editorial staff to reflect accuracy and ensure our readers get News Tips: (800) 280-TIPS 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 . 571-482-9910, Denver 1107 S University Ave, Suite D Chevy Chase, MD 20815. SoulCycle will close about 20 of its 83 studios in the coming days. 8570 Sunset Boulevard xhr.setRequestHeader('Content-Type', 'text/plain;charset=UTF-8'); We are happy to honor a refund of any Soul Early bookings that were used for this upcoming week or extend any earned bookings for use at a future date. 310.559.7685, Manhattan Beach (720) 400-8500, Downtown Austin There are currently more than 90 SoulCycle locations in the United States, Canada and the United Kingdom. sound information and advice to make the smartest, healthiest choices. 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. But affordable gym chains, like Planet Fitness, appear to be thriving. First published on August 16, 2022 / 1:14 PM. 384 Lafayette Street It's . document.addEventListener( 'DOMContentLoaded', function() { What will happen to my class series and packages? Unused classes for scheduled cancelled classes will be put back into your SoulCycle account. Top editors give you the stories you want delivered right to your inbox each weekday. Walnut Creek, CA 94596 201.935.6408, Short Hills 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. 4303 La Jolla Village Drive 2022 CBS Interactive Inc. All Rights Reserved. (Copyright (c) 2022 CNN. 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. 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. Expect to sprint throughout Kaley's class and dance to some of the . CNN reports that SoulCycle will shutter around 20 of its . It scrapped itsinitial public offering at the last minutea few months ago andTonal cut 35%of its staff in July. 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. 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,. 212.639.1300, Financial District