Six of the 19 closures are in the New York City metro area. This material may not be published, broadcast, rewritten, or redistributed. Peloton had received a boost from Covid-19 closures, as consumers looked to exercise from home when gyms shuttered. New York, NY 10022 Pasadena , CA 91101 I was planning on celebrating my birthday ride in the coming weeks, can I get this class in my account for later? (470) 381-4770, Castro Webster said the closures will lead to layoffs, according to leaked audio shared with Insider. A shrinking physical footprint is also on the horizon at Peloton. 2 Coulter Avenue . 113 S 16th Street 19102 Seattle, WA 98121 Flywheel, a similar indoor spin concept, permanently closed in September 2020. The company will also completely exit Canada with the closing of its Toronto studio. West Palm Beach, FL 33401 "As. SoulCycle CEO Evelyn Webster announced the decision in an all staff meeting, according to Insider. And if that's not enough, there's a . But affordable gym chains, like Planet Fitness, appear to be thriving. Peloton had received a boost from Covid-19 closures, as consumers looked to exercise from home when gyms shuttered. Access your favorite topics in a personalized feed while you're on the go. Dallas, TX 75204 Back Bay 500 Boylston Street (on the corner of Clarendon Street and St. James Avenue) Boston, MA 02116 617.336.9999. Peloton will also close an unknown number of stores across North America. 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. Stay up to date with what you want to know. "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. Walnut Creek, CA 94596 SoulCycle announced this week it's permanently closing its Yaletown spin studio in Vancouver. Vaccine Required - 2095 Union St 212.724.1300, East 63rd Street 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. We are experiencing a high volume of correspondence at the moment, but are working to get back to you as soon as possible. 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. Show all. San Francisco , CA 94123 Please emailloyalty@soul-cycle.comto redeem your (belated) birthday ride and well take care of you! SoulCycle is slimming down. Get the app & book your ride, on the go: Bikes open at Noon on Monday. Aug. 13, 2022, 12:21 AM PDT. But SoulCycle, which has largely focused on in-studio classes, was hit with the other side of that trend. 120 Wilshire Blvd 3699 McKinney Ave #309 94 Kraft Avenue But affordable gym chains, like Planet Fitness, appear to be thriving. 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. 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 . If you have any questions or concerns, please reach out toyoursoulmatters@soul-cycle.comand they can help you out as soon as possible. } ); Austin, TX 78701 8570 Sunset Boulevard About 75 workers are slated for the chopping blocks out. } 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. The popular product may be contaminated with dangerous bacteria, the agency confirms. SoulCycle had to do some soul-searching following allegations of racism, fat-shaming and instructors having sex with clients, a 2020 report revealed. 800 Morris Turnpike, Suite 107 212.860.1300, NoMad It's . The-CNN-Wire & 2022 Cable News Network, Inc., a WarnerMedia Company. Makers of in-home fitness equipment are also struggling, including NordicTracks parent company iFit Health and Fitness. It will also close down in Toronto, which means a complete exit from Canada. Miami, FL 33131 "We need to be where our customers are when they make purchasing decisions," McCarthy told the news outlet, adding that foot traffic shows they "increasingly do that online. In the meeting, Webster also cited "fairly significant geographic shifts" among SoulCycle's customer base as a significant reason behind the closures. Flywheel, a similar indoor spin concept,permanently closed in September 2020. 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. 212.787.1300, West Village 25 SW 9th Street 214.360.7685, Greenwich 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. Montauk, NY 11954 Sunbeam Television Corp 264 Butter Lane 126 Leroy Street 140 E 63rd Street Its yet another signal that consumers exercise habits continue to change as the pandemic wears on. We'll also post all studio reopenings here. 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. 1400 Washington Street New Arrivals; Price: Low to High; Price: High to Low; Best Sellers It scrapped itsinitial public offering at the last minutea few months ago andTonal cut 35%of its staff in July. Get breaking news and daily headlines delivered to your email inbox by signing up here. Full-Time. 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.. 350 Amsterdam Avenue 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. 11640 San Vicente Boulevard Makers of in-home fitness equipment are also struggling, including NordicTracks parent company iFit Health and Fitness. According to the email, the Ponce studio, which opened in late September 2019, will close after its evening classes on Thursday August 18. Effective March 16, by 8pm local time, were closing all studios in the US and Canada. Store closures have become a common occurrence over the past couple years. Thank you so much for reaching outwere eager to get you answers. SoulCycle is closing 19 studios in the US and Canada and laying off employees. 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. 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. Affordable chains thriving. 4931 Elm st navigator.sendBeacon('https://www.google-analytics.com/collect', payload); Copyright 2023 CBS Interactive Inc. All rights reserved. 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. NOW WATCH: The most expensive durian ever sold was auctioned for $48,000. According to leaked audio from an internal SoulCycle meeting, the fitness brand believes it may have oversaturated some markets. Roslyn Heights, NY 11577 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. Unused classes for scheduled cancelled classes will be put back into your SoulCycle account. 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. Bethesda, MD 20814 Please keep your comments respectful and relevant. 7 Bulfinch Place 310.559.7685, Manhattan Beach 561.465.8937, Palo Alto +44 2031 371880, Soho London 310.657.7685, Brickell Posted: January 31, 2023. New York, NY 10028 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. SoulCycle is slimming down its number of nationwide locations. [emailprotected]. Daily News Updates 5944 W Northwest Hwy 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. Don't make this major mistake with your morning cup of joe. The company began closing studios in March 2020, with some shuttering for good. SoulCycle is owned by New York-based Equinox Group. 631.537.3630, East Hampton This will allow us to continue to provide riders with the SoulCycle experience they know and love.. Both Peloton and SoulCycle have just revealed that they will be closing locations soon. 1107 S University Ave, Suite D "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," a SoulCycle spokesperson told CBS MoneyWatch. 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. Severe Weather soulcycle closing locations. New York, NY 10038 Approximately 90 of the San Francisco-based firms roughly 400 employees were let go, according to the report. Vaccine Required - 2105 9th Avenue If you would like to share a story idea, please submit it here. Atlanta, GA 30326 Santa Monica, CA 90401 Equinox-owned SoulCycle, known for its indoor cycling and spinning workouts, is closing 19 of its 83 studios in the U.S. and Canada. (702) 637-3230, Notting Hill 12 West 27th Street But SoulCycle, which has largely focused on in-studio classes, was hit with the other side of that trend. The closures are a result of shifts caused by. The Square, 700 S Rosemary Ave #132 File photo. Legal Statement. 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. RELATED: Vaccine Required - 1225 North Wells Street 5425 Wisconsin Ave "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.". Ardmore, PA 19003 All content Copyright 2000 - 2023 WHDH-TV. 203.653.7685, Westport 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. 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. Bestlifeonline.com is part of the Meredith Health Group. New Arrivals; Price: Low to High; Price: High to Low; Best Sellers Peloton announces nearly 800 layoffs, price hikes for memberships and fitness equipment. 305.740.3600, South Beach SoulCycle , to Close 25% , of Its Locations . CNHL. 2023 WTOP. 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 . CREDIT: Richard B. Levine/Sipa USA. 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. SoulCycle has joined Peloton, Hydrow, Tonal and F45 in announcing layoffs. 212.319.5085, Brooklyn Heights xhr.open('POST', 'https://www.google-analytics.com/collect', true); CNN reports that indoor cycling studio SoulCycle is getting ready to close approximately 25% of its locations. 68 Newtown Lane [SoulCycle] is, without any doubt, a really intense workout. 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. 14TH

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