", "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 spokesperson said. New York, NY 10028 103 Warren St 2325 Collins Avenue SoulCycle currently operates 21 outdoor locations. 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Dallas, TX 75225 10470 NE 4th St It's yet another signal that consumers' exercise habits continue to change as the pandemic wears on. Peloton told employees Friday that it is slashing roughly 780 jobs, closing a significant number of its retail stores and hiking prices on some . document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Thanks for contacting us. Peloton had received a boost from Covid-19 closures, as consumers looked to exercise from home when gyms shuttered. Boston, MA 02210 617.996.7685. It scrapped itsinitial public offering at the last minutea few months ago andTonal cut 35%of its staff in July. Finally, in October, with Peloton miles ahead,. 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. navigator.sendBeacon('https://www.google-analytics.com/collect', payload); 372 Post Road E (CNN) Its not justPelotonthats spinning into trouble: Indoor cycling studio SoulCycle is closing about 25% of its locations. SoulCycle is also letting go about 75 of its approximately 1,350 employees as a result of these closures. To stay competitive, Soul opened outdoor studios in 14 locations over the summer, but the company was still struggling with its at-home product. SoulCycle is owned by New York-based Equinox Group. 2700 Clarendon Blvd, Suite 300 Like WTOP on Facebook and follow WTOP on Twitter and Instagram to engage in conversation about this article and others. Boston, MA 02116 The popular product may be contaminated with dangerous bacteria, the agency confirms. 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. 12 West 27th Street 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, Beverly Hills, Newport Beach, Del Mar). If you're a fan of indoor cycling, you might be disappointed by these new closure announcements. xhr.open('POST', 'https://www.google-analytics.com/collect', true); 305.740.3601, Bridgehampton We've received your submission. ae0fcc31ae342fd3a1346ebb1f342fcb. But affordable gym chains, like Planet Fitness, appear to be thriving. Get browser notifications for breaking news, live events, and exclusive reporting. The. This story has been shared 171,468 times. 212.873.7685, East 54th Street We are experiencing a high volume of correspondence at the moment, but are working to get back to you as soon as possible. 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. Bridgehampton, NY 11932 That resulted in the loss of 1.5 million jobs, according to a report from IHRSA, a fitness advisory group. It will also close down in Toronto, which means a complete exit from Canada. 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. 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. In a memo from CEO Barry McCarthy to employees, he said that the layoffs are necessary "if Peloton is ever going to become cash flow positive. On Friday, Peloton revealed another round of layoffs, price hikes for some of its products and the closure of many of its retail showrooms. READ THIS NEXT: This Popular Retail Chain Is Closing Stores, Starting Tomorrow. Effective March 16, by 8pm local time, we're closing all studios in the US and Canada. "Cash is oxygen. It will also close down in Toronto, which means a complete exit from Canada. New York, NY. New Arrivals; Price: Low to High; Price: High to Low; Best Sellers Access your favorite topics in a personalized feed while you're on the go. 5425 Wisconsin Ave 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. East Hampton, NY 11937 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. 626.408.3000, Santa Monica 21 Rye Ridge Plaza As we learn more, well continue to update you with new information. 484.434.2200, Rittenhouse Square Apple Inc. also plans to slow hiring and spending growth next year, Bloomberg News reported. 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. Denver, CO 80206 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.. 415.431.7685, Marin document.addEventListener( 'DOMContentLoaded', function() { New York , NY 10011 512.265.7500, Preston Hollow Our . +44 203 745 6245, Old Town Approximately 90 of the San Francisco-based firms roughly 400 employees were let go, according to the report. Severe Weather I emailed YSM and havent heard back from them yet. The company is also planning to end its presence in Toronto, which will take SoulCycle out of Canada altogether. Flywheel, a similar indoor spin concept,permanently closed in September 2020. CREDIT: Richard B. Levine/Sipa USA. New York, NY 10007 215.398.7685, Back Bay In light of the ongoing Coronavirus (COVID-19) developments and government mandates, keeping our riders, instructors, and staff safe is our absolute top priority. 202.328.7685, 19th Street 212.724.1300, East 63rd Street how to adjust my taylormade sim driver; dynamic table name in spring boot with jpa; greenwich academy matriculation 2020; modell's sporting goods ceo net worth New York, NY 10001 200-230 Boylston Street 858-333-6190, Las Vegas 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. The privately held fitness company is looking to raise millions of dollars in an effort to go public, the Wall Street Journal reported in March. Beginning her SoulCycle career as a rider needing a break from the corporate world, Kaley eventually transitioned to a full-time instructor. 266 Mason Street 3699 McKinney Ave #309 The closures include locations in California, Washington, DC, Massachusetts, Illinois, Florida and Georgia. 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. Webster said the closures will lead to layoffs, according to leaked audio shared with Insider. We'll also post all studio reopenings here. Are you a SoulCycle employee with a story to tell? Six of the 19 closures are in the New York City metro area. 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.. Back Bay 500 Boylston Street (on the corner of Clarendon Street and St. James Avenue) Boston, MA 02116 617.336.9999. Wynn Plaza: 3131 S Las Vegas Blvd Suite: 207 (Copyright (c) 2022 CNN. Fitness chains and independent gyms at large have been hit hard, with roughly one-third of fitness locations closing during the pandemic. Makers of in-home fitness equipment are also struggling, including NordicTracks parent company iFit Health and Fitness. 718.208.1300, Ann Arbor 203.683.7685, Hoboken 126 Leroy Street Region selector. Philadelphia, PA 19102 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. "This will allow us to continue to provide riders with the SoulCycle experience they know and love.". Expect to sprint throughout Kaley's class and dance to some of the . All rights reserved. A New York SoulCycle studio is pictured in September of 2020. (470) 381-4770, Castro 264 Butter Lane And now the company is adding 20 new locations for those who are ready to . "As. Chestnut Hill, MA 02467 617-658-9010. But SoulCycle, which has largely focused on in-studio classes, was hit with the other side of that trend. 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. 312.951.7685, The Loop Top editors give you the stories you want delivered right to your inbox each weekday. Our content is fact checked by our senior editorial staff to reflect accuracy and ensure our readers get 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 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. (720) 400-8500, Downtown Austin SoulCycle is a fitness company owned by Equinox Group which offers indoor cycling and spinning workout classes. For any questions about class series extensions, please emailyoursoulmatters@soul-cycle.com. 310.657.7685, Brickell 11640 San Vicente Boulevard During the pandemic, the company launched SoulOutside, outdoor SoulCycle classes in. It will also close down in Toronto, which means a complete exit from Canada. How many SoulCycle studios are in the US? New York, NY 10065 But while there have been clear struggles in the grocery, pharmacy, and clothing sectors, athletic chains are also feeling the heat. 832.968.7685, Uptown ", She continued: "You can imagine a process like this is extraordinarily involved, very, very complex. WTOP.com | Alexa | Google Home | WTOP App | 103.5 FM. Please note, we are experiencing a high volume of inquiries at the moment but we are doing everything we can to get back to you as soon as possible! Makers of in-home fitness equipment are also struggling, including NordicTracks parent company iFit Health and Fitness. 669 Stanford Shopping Center, C12 sound information and advice to make the smartest, healthiest choices. 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. Full-Time. Boston News, Weather, Sports | WHDH 7News, How to register your school/organization for closings and delays. New York, NY 10022 If you have any concerns about the accuracy of our content, please reach out to our editors by e-mailing KTVZ-TV FCC Public File | FCC Applications |, Breaking News 202.332.7685, Georgetown With things changing by the minute, well be updating with new information as we have it. 94 Kraft Avenue 650.784.7510, Walnut Creek It's . The privately-run company, owned by Equinox Group, In the meeting, Webster also cited "fairly significant geographic shifts" among SoulCycle's customer base as a significant reason behind the closures. 110 W 41st St The two companies often go head-to-head, but now they're both downsizing in a major way. By clicking Sign up, you agree to receive marketing emails from Insider 310.622.7685, West Hollywood What will happen to bikes I had already booked for upcoming days? According to the email, the Ponce studio, which opened in late September 2019, will close after its evening classes on Thursday August 18. 250 S Service Road Also, Citigroup has announced plans for a hiring spree to fill a new division. Region selector. 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.
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