It's . On Friday, Peloton revealed another round of layoffs, price hikes for some of its products and the closure of many of its retail showrooms. Coral Gables, FL 33146 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. +44 2031 371880, Soho London 310.622.7685, West Hollywood London region currently selected. The company has one spin studio in Toronto's Yorkville neighbourhood, and another in Yaletown in Vancouver. Pasadena , CA 91101 Effective March 16, by 8pm local time, were closing all studios in the US and Canada. 631.324.6600, Montauk Chestnut Hill, MA 02467 OurSoul Shopis still open online 24/7 in the US and Canada. Broadway Plaza, 116 Broadway Lane (Macy's Parking Garage Entrance off of South Broadway) 212.996.1300, East 83rd 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. Vaccine Required - 2105 9th Avenue Still, SoulCycle continues to eye expansion. Plus, you can check in for class, shop our retail collection, and see your full SoulJourneyall in one place. By clicking Sign up, you agree to receive marketing emails from Insider It scrapped its initial public offering at the last minute a few months ago and Tonal cut 35% of its staff in July. New York, NY 10001 All Rights Reserved. 617-658-9010, Seaport First published on August 16, 2022 / 1:14 PM. Please enter valid email address to continue. 2 Coulter Avenue This story has been shared 106,493 times. Seattle, WA 98121 The company will also completely exit Canada with the closing of its Toronto studio. It will also close down in Toronto, which means a complete exit from Canada. These aren't the first closures that athletes have had to deal with in 2022. Washington, DC 20007 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 SoulCycle CEO Evelyn Webster informed employees at an All Hands meeting that the Equinox-owned fitness company will close 19 studios in the United States and Canada. With a revolutionary workout, legendary instructors, and epic playlists, SoulCycle is the ultimate mind-body-soul experience. Greenwich, CT 06830 ", SoulCycle has also pointed toward customers data in regards to its decision to close stores. 1042 Wisconsin Avenue NW If you have any concerns about the accuracy of our content, please reach out to our editors by e-mailing Legal Statement. 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 Like WTOP on Facebook and follow WTOP on Twitter and Instagram to engage in conversation about this article and others. 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 . 401 Congress Avenue This material may not be published, broadcast, rewritten, or redistributed. A shrinking physical footprint is also on the horizon at Peloton. 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. 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. scientific studies and medical journals. 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.. 561.465.8937, Palo Alto 310.640.7685, Pasadena The closings leave 13 locations in Manhattan, two in Brooklyn and three others on the East End Bridgehampton, East Hampton and Montauk. 914.713.1202, Rye Brook "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. It's not just Peloton that's spinning into trouble: Indoor cycling studio SoulCycle is closing about 25% of its locations. 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. Are you a SoulCycle employee with a story to tell? 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. Ardmore, PA 19003 SoulCycle is closing 19 studios, CEO Evelyn Webster told staffers on Friday. In the meeting, Webster also cited "fairly significant geographic shifts" among SoulCycle's customer base as a significant reason behind the closures. But SoulCycle, which has largely focused on in-studio classes, was hit with the other side of that trend. xhr.setRequestHeader('Content-Type', 'text/plain;charset=UTF-8'); SoulCycle is closing 19 studios in the US and Canada and laying off employees. News Tips: (800) 280-TIPS Brooklyn, NY 11201 SoulCycle is also letting go about 75 of its approximately 1,350 employees as a result of these closures. (720) 400-8500, Downtown Austin Makers of in-home fitness equipment are also struggling, including NordicTracks parent company iFit Health and Fitness. This is temporary, and as soon as we feel its safe to reopen our doors, youll be the first to know. 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 had to do some soul-searching following allegations of racism, fat-shaming and instructors having sex with clients, a 2020 report revealed. 0:41. The closings leave 13locations in Manhattan, two in Brooklyn and three others on the East End Bridgehampton, East Hampton and Montauk. 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. 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. We've received your submission. 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. 2023 WTOP. Peloton had received a boost from Covid-19 closures, as consumers looked to exercise from home when gyms shuttered. 384 Lafayette Street Makers of in-home fitness equipment are also struggling, including NordicTracks parent company iFit Health and Fitness. 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.. Its yet another signal that consumers exercise habits continue to change as the pandemic wears on. 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. Bethesda, MD 20814 But affordable gym chains, like Planet Fitness, appear to be thriving. At least 10 dead after winter storm slams South, Midwest, The Saturday Six: Dental device controversy, scientist's bug find and more, Indonesia fuel depot fire kills 18; more than a dozen missing, 3 children killed, 2 others wounded at Texas home, Man charged for alleged involvement in 2 transformer explosions, Nikki Haley slams potential GOP contenders, and Trump and George W. Bush, Duo of 81-year-old women plan to see the world in 80 days, Tom Sizemore, actor known for "Saving Private Ryan" and "Heat," dies at 61, Alex Murdaugh trial: What to know about the double murder case, Person to Person: Norah O'Donnell interviews Peloton instructor and author Robin Arzn, Don't make these 3 common password mistakes, experts say, Amazon pauses construction on HQ2 in Northern Virginia, One way to fix Social Security? SoulCycle is closing both of their Canadian locations until at least the end of the year due to COVID-19.. "Cash is oxygen. Fitness chains and independent gyms at large have been hit hard, with roughly one-third of fitness locations closing during the pandemic. Our new IT Engineer will contribute to an unprecedented transformation of . Hoboken, NJ 07030 Effective March 16, by 8pm local time, we're closing all studios in the US and Canada. Richard B. Levine Richard B. Levine/Sipa USA Indoor cycling studio SoulCycle is closing about 25% of its locations. SoulCycle, on the other hand, is gearing up to close 25 percent of its locations, CNN reported on Aug. 15, and these closures are set to start even sooner than Peloton. New York, NY 10028 If you're a fan of indoor cycling, you might be disappointed by these new closure announcements. 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 . 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. 140 E 63rd Street Meanwhile, Meta is delaying deciding whether to hire interns so that it has more time to assess staffing needs, reported Bloomberg. (CNN) Its not justPelotonthats spinning into trouble: Indoor cycling studio SoulCycle is closing about 25% of its locations. What I will tell you, is this is absolutely the right decision.". "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. The company is also planning to end its presence in Toronto, which will take SoulCycle out of Canada altogether. SoulCycle is slimming down. Brooklyn, NY 11249 if( 'moc.enilnoefiltseb' !== location.hostname.split('').reverse().join('') ) { Access your favorite topics in a personalized feed while you're on the go. 631.537.3630, East Hampton Approximately 90 of the San Francisco-based firms roughly 400 employees were let go, according to the report. What will happen to bikes I had already booked for upcoming days? 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. Chestnut Hill 200-230 Boylston Street. And now the company is adding 20 new locations for those who are ready to . 3-4 Great Marlborough Street Top editors give you the stories you want delivered right to your inbox each weekday. With things changing by the minute, were freezing expiration dates on all class series, at a minimum through April 30. SoulCycle currently operates 21 outdoor locations. About 75 workers are slated for the chopping blocks out of a workforce of 1,350, the company said. The news comes as another signal that people's exercise habits continue to adapt amid the ongoing COVID-19 pandemic. Flywheel, a similar indoor spin concept, permanently closed in September 2020. 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. It's not just Peloton that's spinning into trouble: Indoor cycling studio SoulCycle is closing about 25% of its locations. 908.206.1300, La Jolla SoulCycle is slimming down its number of nationwide locations. 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. "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. "One of the devastating effects of this global pandemic was having to make the heartbreaking decision to permanently close our King Street studio," reads the email to its members. The privately-run company, owned by Equinox Group, will shutter four New York City locations in Midtown, Soho, West 92nd St. and Park Slope, Brooklyn along with a Hamptons outpost in Water Mill, sources said. Vaccine Required - 265 St. Paul Street 617.336.9999, Chestnut Hill 972.737.7685, River Oaks KTVZ-TV FCC Public File | FCC Applications |, Breaking News So much to discuss here - an 80ft aluminium catamaran with unique hull colours and a myriad of layout and drive options. xhr.send(payload); 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.
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