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As riders continue to return to in-studio classes . 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. New York , NY 10011 A federal judge in New York denied Peloton's motion to dismiss the case last week. } Its not just Peloton thats spinning into trouble: Indoor cycling studio SoulCycle is closing about 25% of its locations. It's . Broadway Plaza, 116 Broadway Lane (Macy's Parking Garage Entrance off of South Broadway) For more up-to-date information, sign up for our 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. 126 Leroy Street You can review our Community Guidelines by clicking here. 212.873.7685, East 54th Street Our content is fact checked by our senior editorial staff to reflect accuracy and ensure our readers get Get breaking news and daily headlines delivered to your email inbox by signing up here. Twitter is scaling back its offices in different cities across the world. NOW WATCH: The most expensive durian ever sold was auctioned for $48,000. 8 West 19th Street 561.465.8937, Palo Alto Richard B. Levine Richard B. Levine/Sipa USA Indoor cycling studio SoulCycle is closing about 25% of its locations. Our new IT Engineer will contribute to an unprecedented transformation of . A sign marks the location of a SoulCycle studio at Westfield Old . 832.968.7685, Uptown By Bethany Biron Jan 11, 2019, 7:00am EST. 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. This story has been shared 171,468 times. 202.332.7685, Georgetown What will happen to bikes I had already booked for upcoming days? Staffing shortage is the biggest reason for the decision, said Laurie Schalow, chief corporate affairs officer at Chipotle, according to a CNN report. Back Bay 500 Boylston Street (on the corner of Clarendon Street and St. James Avenue) Boston, MA 02116 617.336.9999. 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. RELATED: 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. "As. 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. 425.786.0004, South Lake Union 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. Webster said that while the company intends to relocate some staffers to other SoulCycle locations, some staffers can expect layoffs, though she did not specify how many. 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. In light of the ongoing Coronavirus (COVID-19) developments and government mandates, keeping our riders, instructors, and staff safe is our absolute top priority. 266 Mason Street That represents the second round of layoffs this year, with Peloton cutting about2,800 workersin February. "Cash is oxygen. 203.653.7685, Westport 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. On Friday, Peloton revealed another round of layoffs, price hikes for some of its products and the closure of many of its retail showrooms. 2549 Kirby Drive Are you a SoulCycle employee with a story to tell? There are currently more than 90 SoulCycle locations in the United States, Canada and the United Kingdom. Six of the 19 closures are in the New York City metro area. All content Copyright 2000 - 2023 WHDH-TV. 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.. SoulCycle was forced to close its studios as Covid first hit American shores, and some didn't reopen until about a year later as state and local rules allowed - including its flagship in New York. Equinox-owned SoulCycle, known for its indoor cycling and spinning workouts, is closing 19 of its 83 studios in the U.S. and Canada. 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. 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. 140 South Lake Avenue 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 . It scrapped itsinitial public offering at the last minutea few months ago andTonal cut 35%of its staff in July. 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. 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.. 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.. Chicago, IL 60610 99 studios Type Subsidiary Headquarters New York City Number of locations 99 (2020) Key people Evelyn Webster, CEO Products Exercise equipment. If you have any concerns about the accuracy of our content, please reach out to our editors by e-mailing 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. KTVZ-TV FCC Public File | FCC Applications |, Breaking News READ THIS NEXT: This Popular Retail Chain Is Closing Stores, Starting Tomorrow. If you have any questions or concerns, please reach out toyoursoulmatters@soul-cycle.comand they can help you out as soon as possible. 4931 Elm st Back in June, Nike announced that it would be exiting the Russian market completely by permanently closing all of its brick-and-mortar stores in the country. Daily News Updates SoulCycle has three locations in D.C. Maintain opening and closing checklists and supervise studio team in ensuring all items are completed daily Provide support to the SoulCycle instructors to ensure a successful class check-in process Here's why Nonthaburi durians can be expensive. 212.996.7685, Williamsburg Peloton had received a boost from Covid-19 closures, as consumers looked to exercise from home when gyms shuttered. 203.683.7685, Hoboken Fitness chains and independent gyms at large have been hit hard, with roughly one-third of fitness locations closing during the pandemic. Bestlifeonline.com is part of the Meredith Health Group. Short Hills, NJ 07078 Vaccine Required - 2095 Union St 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. navigator.sendBeacon('https://www.google-analytics.com/collect', payload); Most of the SoulCycle closings will be in New York, but locations in California, Massachusetts, Illinois, Florida, Georgia and Washington state will also be "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. 626.408.3000, Santa Monica 101 Maiden Lane As we learn more, well continue to update you with new information. DEDHAM, Mass. We love celebrating birthdays at SoulCycle, and we look forward to celebrating you when we are back on the bike. It will also close down in Toronto, which means a complete exit from Canada. Coral Gables, FL 33146 Makers of in-home fitness equipment are also struggling, including NordicTracks parent company iFit Health and Fitness. Flywheel, a similar indoor spin concept,permanently closed in September 2020. 3-4 Great Marlborough Street 631.842.1044, Bronxville New York, NY 10028 New York, NY 10023 2700 Clarendon Blvd, Suite 300 What will happen to the Soul Early bookings in my account? ", "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. 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. Throughout the past semester, I frequented Chris Pepe's 7 am classes at SoulCycle Georgetown close to class and even closer to a . as well as other partner offers and accept our. 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. In total, the company will close 17 of its current 83 studios including its lone studio in Toronto, Canada. How many SoulCycle studios are in the US? 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. In fact, two of the most popular athletic companies have just announced plans to close multiple locations in the near future. After news broke online yesterday that SoulCycle's King Street location in Toronto appeared to be shuttered, SoulCycle has confirmed that the location is permanently closing. 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. 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. It's not just Peloton that's spinning into trouble: Indoor cycling studio SoulCycle is closing about 25% of its locations. Washington, DC 20007 Bronxville, NY 10708 400 Castro Street (CNN) Its not justPelotonthats spinning into trouble: Indoor cycling studio SoulCycle is closing about 25% of its locations. In July, Chipotle shut down a restaurant in Augusta, ME where workers previously filed to unionize. SoulCycle seeks an IT Engineer to join a small team dedicated to: improving and maintaining our IT infrastructure and implementing new technologies that serve our employees and create new experiences for our customers. 120 Wilshire Blvd But affordable gym chains, like Planet Fitness, appear to be thriving. And if that's not enough, there's a . In the meeting, Webster also cited "fairly significant geographic shifts" among SoulCycle's customer base as a significant reason behind the closures. Contact this reporter via email at bbiron@insider.com or by encrypted messaging app Signal at +1 (646) 768-4706. We'll also post all studio reopenings here. Santa Monica, CA 90401 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). SoulCycle CEO Evelyn Webster announced the decision in an all staff meeting, according to Insider. Its yet another signal that consumers exercise habits continue to change as the pandemic wears on. A New York SoulCycle studio is pictured in September of 2020. 631.324.6600, Montauk It will also close down in Toronto, which means a complete exit from Canada. The closures include locations in California, Washington, DC, Massachusetts, Illinois, Florida and Georgia. Fitness chains and independent gyms at large have been hit hard, with roughly one-third of fitness locations closing during the pandemic. 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. New York, NY 10022 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 . SoulCycle announced this week it's permanently closing its Yaletown spin studio in Vancouver. } else { 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. Chevy Chase, MD 20815. The public may view the reports by going to WHDH.com and clicking on "FCC Public File", or by visiting the FCC's website at FCC.org. Denver, CO 80206 Top editors give you the stories you want delivered right to your inbox each weekday. New Arrivals; Price: Low to High; Price: High to Low; Best Sellers The company is also planning to end its presence in Toronto, which will take SoulCycle out of Canada altogether. 312.337.7685, Palm Beach - Outside 1935 14 Street NW Our daily newsletter is FREE and keeps you up-to-date with the world of HR. After the closings, SoulCycle will have roughly 65 remaining locations across the U.S., Canada, and the U.K. SoulCycle said it's closing certain locations because some customers' cycling behaviors have shifted. ", 2022 Galvanized Media. Its yet another signal that consumers exercise habits continue to change as the pandemic wears on. The closings leave 13locations in Manhattan, two in Brooklyn and three others on the East End Bridgehampton, East Hampton and Montauk. 94 Kraft 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. 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. 2325 Collins Avenue The company has one spin studio in Toronto's Yorkville neighbourhood, and another in Yaletown in Vancouver. 372 Post Road E ), WHDH TV 7NEWS WLVI TV CW56 SoulCycle is also letting go about 75 of its approximately 1,350 employees as a result of these closures. SoulCycle has joined Peloton, Hydrow, Tonal and F45 in announcing layoffs. On the other hand, IBM is continuing to hire amid the threat of recession. 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. These aren't the first closures that athletes have had to deal with in 2022. O'Rourke did have some words of optimism, however. 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. 1042 Wisconsin Avenue NW The Square, 700 S Rosemary Ave #132 Dallas, TX 75225 Boston News, Weather, Sports | WHDH 7News, How to register your school/organization for closings and delays. 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. 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. SoulCycle is closing 20 stores nationwide. Fitness chains and independent gyms at large have been hit hard, with roughly one-third of fitness locations closing during the pandemic. The company is also planning to end its presence in Toronto, which will take SoulCycle out of Canada altogether. "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. It's . SoulCycle is owned by Equinox Group, a holding company controlled by The Related Companies, a New .