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Now, two athletic competitors are both closing locations. We'll also post all studio reopenings here. } 55 Court St 264 Butter Lane 3699 McKinney Ave #309 All Rights Reserved. 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. On Monday, March 16, 2020, SoulCycle announced on its Instagram page that the company will be temporarily closing all 99 of its studio locations for the first time in the company's history.. It's . For its part, SoulCycle will lay off about 75 of its approximately 1,350 employees as a result of its closures, according to CNN. If you're a fan of indoor cycling, you might be disappointed by these new closure announcements. DEDHAM, Mass. 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. It's not just Peloton that's spinning into trouble: Indoor cycling studio SoulCycle is closing about 25% of its locations. Please reach out toyoursoulmatters@soul-cycle.comto let the team know! It will also close down in Toronto, which means a complete exit from 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. New Arrivals; Price: Low to High; Price: High to Low; Best Sellers ", SoulCycle has also pointed toward customers data in regards to its decision to close stores. Locations include Los Angeles, Miami and San Francisco and the company also operates brands including Blink Fitness, Precision Run and Pure Yoga, which permanently closed at least one location in. "They've either moved where they live and they no longer live close to a studio, or for many of our riders they've moved where they work because they're working from home. 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. 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. Dedham SoulCycle members were notified about the closure over the weekend, along with members at studios in New York, California, Illinois, Georgia, Florida and Washington, DC. "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. Beverly Hills is one of five. 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 . Our content is fact checked by our senior editorial staff to reflect accuracy and ensure our readers get & 2022 Cable News Network, Inc., a WarnerMedia Company. 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. During the pandemic, the company launched SoulOutside, outdoor SoulCycle classes in. 350 Amsterdam Avenue In fact, two of the most popular athletic companies have just announced plans to close multiple locations in the near future. New Arrivals; Price: Low to High; Price: High to Low; Best Sellers New York, NY 10003 250 S Service Road KTVZ-TV FCC Public File | FCC Applications |, Breaking News 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 Toronto. } ); 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. Region selector. Santa Monica, CA 90401 Bestlifeonline.com is part of the Meredith Health Group. 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 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). 617.336.9999, Chestnut Hill Finally, in October, with Peloton miles ahead,. Sunbeam Television Corp Effective March 16, by 8pm local time, we're closing all studios in the US and Canada. On Friday,Peloton revealed another round of layoffs,price hikes for some of its products and the closure of many of its retail showrooms. 832.968.7685, Uptown ", 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. Peloton had received a boost from Covid-19 closures, as consumers looked to exercise from home when gyms shuttered. Throughout the past semester, I frequented Chris Pepe's 7 am classes at SoulCycle Georgetown close to class and even closer to a . 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. The coronavirus pandemic has prompted the closure of fitness clubs across the nation, with popular spots from Orangetheory, SoulCycle, LA Fitness, Gold's Gym and Equinox . We adhere to structured guidelines for sourcing information and linking to other resources, including 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. 214.360.7685, Greenwich "Smash the cap", Millions of Americans nearing retirement age with no savings, federal judge in New York denied Peloton's motion. 617-658-9010, Seaport Here's why Nonthaburi durians can be expensive. The closures are a result of shifts caused by. ", 2022 Galvanized Media. Daily News Updates xhr.open('POST', 'https://www.google-analytics.com/collect', true); In total, the company will close 17 of its current 83 studios including its lone studio in Toronto, Canada. All Rights Reserved. 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 . Vaccine Required - 2095 Union St 3400 Around Lenox Dr The principals of the Related Companies including founder Steve Ross and CEO Jeff Blau are investors in Equinox, along with Equinox exec chairman and managing partner Harvey Spevak. The company had previously closed its more than 100 Russian stores temporarily in March amid the country's invasion on Ukraine, but just three months later, Nike revealed that the stores "will not reopen.". Staffing shortage is the biggest reason for the decision, said Laurie Schalow, chief corporate affairs officer at Chipotle, according to a CNN report. That represents the second round of layoffs this year, with Peloton cutting about2,800 workersin February. This website is not intended for users located within the European Economic Area. We are experiencing a high volume of correspondence at the moment, but are working to get back to you as soon as possible. That resulted in the loss of 1.5 million jobs, according to a report from IHRSA, a fitness advisory group. The two companies often go head-to-head, but now they're both downsizing in a major way. 7 Bulfinch Place 212.996.1300, East 83rd Street 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. 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. Still, SoulCycle continues to eye expansion. Washington, DC 20007 } else { For more up-to-date information, sign up for our What I will tell you, is this is absolutely the right decision.". 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.. Flywheel, a similar indoor spin concept, permanently closed in September 2020. Show all. 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. New York, NY 10028 Both competitors seem to be struggling right now. London region currently selected. 202.332.7685, Georgetown Boston, MA 02210 617.996.7685. Pasadena , CA 91101 Copyright 2023 KM Business Information US, Inc, WorkStep CEO: Frontline workers remain in high demand, Employee appreciation on a budget: HR leader shares strategy, Employee Appreciation Day is great, but you should recognize your workers all year round, Employee Appreciation Day: How 3 HR leaders are celebrating, Senators bash Chamber of Commerce over plan to sue FTC, Zoom president terminated 'without cause', California hospital, other defendants face employment and insurance fraud claims, NLRB tells Starbucks to reinstate fired workers. Plus, you can check in for class, shop our retail collection, and see your full SoulJourneyall in one place. Philadelphia, PA 19102 New York, NY 10023 126 Leroy Street Chicago, IL 60610 400 Castro Street Fitness chains and independent gyms at large have been hit hard, with roughly one-third of fitness locations closing during the pandemic. 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 closing locations. Tell Hank: (855) 247-HANK. We've received your submission. ", She continued: "You can imagine a process like this is extraordinarily involved, very, very complex. 212.724.1300, East 63rd Street By Lauren Thomas, CNBC. 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. Brooklyn, NY 11249 Broadway Plaza, 116 Broadway Lane (Macy's Parking Garage Entrance off of South Broadway) 14TH 310.640.7685, Pasadena This story has been shared 171,468 times. Short Hills, NJ 07078 xhr.send(payload); document.addEventListener( 'DOMContentLoaded', function() { Affordable chains thriving. It's . 2 Coulter Avenue "The timing was appropriate to look at our studio footprint by . Arlington, VA 22201 Bethesda, MD 20814 Dallas, TX 75204 SoulCycle is a fitness company owned by Equinox Group which offers indoor cycling and spinning workout classes. A New York SoulCycle studio is pictured in September of 2020. SoulCycle , to Close 25% , of Its Locations . It will also close down in Toronto, which means a complete exit from Canada. Calm.com Inc., producer of meditation and wellness app Calm, is also laying off 20% of its staff, according to a memo sent by CEO David Ko to employees, The Wall Street Journal reported. 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.. Powered and implemented by FactSet. ", "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. 2549 Kirby Drive . "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," Webster said. According to the news outlet, SoulCycle is shuttering 20 of its 83 U.S. studios in in the coming days: six in the New York City area, five in California, and others in Washington, D.C., Massachusetts, Illinois, Florida, and Georgia. WTOP.com | Alexa | Google Home | WTOP App | 103.5 FM. First published on August 16, 2022 / 1:14 PM. A New York SoulCycle studio is pictured in September of 2020. 561.465.8937, Palo Alto Washington, DC 20009 The company is headquartered in the West Village in Manhattan, New York City.. If you would like to share a story idea, please submit it here. 212.860.1300, NoMad San Francisco, CA 94114 SoulCycle will close at least 19 of its 83 studios across the U.S., including at least two in the Chicago area, amid adjustments related to the pandemic, a spokesman told NBC Tuesday. Ann Arbor, MI 48104 Get breaking news and daily headlines delivered to your email inbox by signing up here. A few athletic companies have already announced closures this year. Seattle, WA 98121 The news comes as another signal that people's exercise habits continue to adapt amid the ongoing COVID-19 pandemic. By Bethany Biron Jan 11, 2019, 7:00am EST. 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,. 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. All content Copyright 2000 - 2023 WHDH-TV. Makers of in-home fitness equipment are also struggling, including NordicTrack's parent company iFit Health and Fitness. scientific studies and medical journals. 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. Makers of in-home fitness equipment are also struggling, including NordicTracks parent company iFit Health and Fitness. (470) 381-4770, Castro 11640 San Vicente Boulevard Atlanta, GA 30326 "This will allow us to continue to provide riders with the SoulCycle experience they know and love.". OurSoul Shopis still open online 24/7 in the US and Canada. Please emailloyalty@soul-cycle.comto redeem your (belated) birthday ride and well take care of you!