212.787.1300, West Village Boston, MA 02114 Los Angeles, CA 90049 Chicago, IL 60601 Fitness chains and independent gyms at large have been hit hard, with roughly one-third of fitness locations closing during the pandemic. What will happen to my class series and packages? 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. (470) 381-4770, Castro In light of the ongoing Coronavirus (COVID-19) developments and government mandates, keeping our riders, instructors, and staff safe is our absolute top priority. It did not say which would close. 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. SoulCycle is owned by New York-based Equinox Group. That represents the second round of layoffs this year, with Peloton cutting about2,800 workersin February. SoulCycle is closing both of their Canadian locations until at least the end of the year due to COVID-19.. Access your favorite topics in a personalized feed while you're on the go. 734-412-7900, Ardmore New York, NY 10014 As riders continue to return to in-studio classes . So much to discuss here - an 80ft aluminium catamaran with unique hull colours and a myriad of layout and drive options. 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. 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. If all the riders at the shuttered studios pivot to the ones that are still open (except in the case of Tampa I guess), then Soulcycle cuts costs without losing business, and the surviving studios are more full, which may help them lure people back or get new riders. Entertainment 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. If you're a fan of indoor cycling, you might be disappointed by these new closure announcements. File photo. +44 203 745 6245, Old Town 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 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. Be the first to know about the latest news. 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. West Palm Beach, FL 33401 Flywheel, a similar indoor spin concept, permanently closed in September 2020. Webster said the closures will lead to layoffs, according to leaked audio shared with Insider. Top editors give you the stories you want delivered right to your inbox each weekday. Broadway Plaza, 116 Broadway Lane (Macy's Parking Garage Entrance off of South Broadway) sound information and advice to make the smartest, healthiest choices. Contests & Promotions, Bend backcountry skier struck, killed by avalanche at Black Crater; SAR crews complete recovery, Sunriver man allegedly fired rifle shot into Deschutes County Jail to confront police or break his father out, City of Bend defends new camping code as ACLU, Bend Equity Group, attorney urge repeal, cite constitutional liability. Finally, in October, with Peloton miles ahead,. Both Peloton and SoulCycle have just revealed that they will be closing locations soon. 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 off nearly 800 workers. 2700 Clarendon Blvd, Suite 300 Our new IT Engineer will contribute to an unprecedented transformation of . Montauk, NY 11954 Santa Monica, CA 90401 101 Seaport Boulevard 626.408.3000, Santa Monica [SoulCycle] is, without any doubt, a really intense workout. before popping up 25 total outdoor locations . Plus, you can check in for class, shop our retail collection, and see your full SoulJourneyall in one place. Its yet another signal that consumers exercise habits continue to change as the pandemic wears on. 512.265.7500, Preston Hollow About 75 workers are slated for the chopping blocks out. 240 East 54th Street Still, SoulCycle continues to eye expansion. Dallas, TX 75204 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. Severe Weather 914.713.1201, Buckhead 55 Court St Equinox-owned SoulCycle, known for its indoor cycling and spinning workouts, is closing 19 of its 83 studios in the U.S. and Canada. 718.208.1300, Ann Arbor Copyright 2023 CBS Interactive Inc. All rights reserved. (720) 400-8500, Downtown Austin 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. Miami Beach, FL 33139 Both competitors seem to be struggling right now. 11640 San Vicente Boulevard ", "These are hard choices because we are impacting people's lives," McCarthy wrote. Pasadena , CA 91101 Vaccine Required - 2105 9th Avenue lawmakers push for new safety regulations after deadly Silver Spring apartment fire, Winds up to 50 mph expected to sweep DC region Saturday, A 'uniquely American' challenge: Group of local universities offer ideas to reduce gun violence. 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. San Francisco , CA 94123 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. 212.996.7685, Williamsburg 310.622.7685, West Hollywood By clicking Sign up, you agree to receive marketing emails from Insider Effective March 16, by 8pm local time, we're closing all studios in the US and Canada. 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. Daily Weather Forecast New York, NY 10065 We adhere to structured guidelines for sourcing information and linking to other resources, including Store closures have become a common occurrence over the past couple years. What I will tell you, is this is absolutely the right decision.". Legal Statement. It scrapped its initial public offering at the last minute a few months ago and Tonal cut 35% of its staff in July. Staffing shortage is the biggest reason for the decision, said Laurie Schalow, chief corporate affairs officer at Chipotle, according to a CNN report. Bellevue, WA 98004 It will also close down in Toronto, which means a complete exit from Canada. 500 Boylston Street (on the corner of Clarendon Street and St. James Avenue) 140 E 63rd Street The news comes as another signal that people's exercise habits continue to adapt amid the ongoing COVID-19 pandemic. Beginning her SoulCycle career as a rider needing a break from the corporate world, Kaley eventually transitioned to a full-time instructor. Peloton also finds itself facing a class-action lawsuit from customers who allege the company falsely advertised an "ever-growing" library of classes while actually eliminating classes behind the scenes. It scrapped its initial public offering at the last minute a few months ago and Tonal cut 35% of its staff in July. 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. Please enter valid email address to continue. Denver, CO 80206 ICE Limitations. It's postal code is 59100, then for post delivery on your tripthis can be done by using 59100 zip as described. The privately-run company, owned by Equinox Group, Roslyn Heights, NY 11577 I emailed YSM and havent heard back from them yet. This serious health hazard becomes more dangerous as you age. 14TH What will happen to the Soul Early bookings in my account? 5425 Wisconsin Ave Scott Olson/Getty Images. 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. New Arrivals; Price: Low to High; Price: High to Low; Best Sellers 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. By Bethany Biron Jan 11, 2019, 7:00am EST. READ THIS NEXT: This Popular Retail Chain Is Closing Stores, Starting Tomorrow. 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.. 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! According to the email, the Ponce studio, which opened in late September 2019, will close after its evening classes on Thursday August 18. 200-230 Boylston Street ", SoulCycle has also pointed toward customers data in regards to its decision to close stores. 400 Castro Street 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. By Andrea Swalec Published August 16, 2022 Updated on August 16, 2022 at 6:00 pm. Throughout the past semester, I frequented Chris Pepe's 7 am classes at SoulCycle Georgetown close to class and even closer to a . Chicago, IL 60610 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. That resulted in the loss of 1.5 million jobs, according to a report from IHRSA, a fitness advisory group. Coral Gables, FL 33146 "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 he's noticed that people are "trading down" from high-priced gyms. About 75 workers are slated for the chopping blocks out of a workforce of 1,350, the company said. 212.406.1300, West 77th Street 101 Maiden Lane 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. 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. New York, NY. But he still got a raise, Despite toxic disaster, railroads still want single-person crews, Disneyland removes controversial zip-a-dee-doo-dah lyric from its parade, Walgreens will not distribute abortion pill in 20 states. 350 Amsterdam Avenue On the other hand, IBM is continuing to hire amid the threat of recession.