Montauk, NY 11954 SoulCycle , to Close 25% , of Its Locations . SoulCycle is closing 25% of its studios - WRAL New York, NY 10001 Legal Statement. Effective March 16, by 8pm local time, were closing all studios in the US and Canada. 94 Kraft Avenue "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. ", SoulCycle has also pointed toward customers data in regards to its decision to close stores. 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. A few athletic companies have already announced closures this year. Both competitors seem to be struggling right now. It was founded in 2006, and has operations in the United States, Canada, and the United Kingdom. On Friday,Peloton revealed another round of layoffs,price hikes for some of its products and the closure of many of its retail showrooms. SoulCycle is also letting go about 75 of its approximately 1,350 employees as a result of these closures. 212.580.7685, TriBeCa 8 West 19th Street 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. "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. SoulCycle is closing 25% of its studios | KRDO KTVZ-TV FCC Public File | FCC Applications |, Breaking News 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. Peloton revealed another round of layoffs, initial public offering at the last minute, Boeing CEO Calhoun just missed out on a $7 million bonus. 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. More details about Roubaix in France (FR) It is the capital of canton of Roubaix-1. Greenwich, CT 06830 SoulCycle is closing 25% of its studios | CNN Business Peloton CEO Barry McCarthy told employees in an Aug. 12 memo that the company is planning a "significant and aggressive reduction" of its retail footprint in North America, starting next year, Bloomberg reported. 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. Indoor cycling studio SoulCycle is closing about 25% of its locations. 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. New Arrivals; Price: Low to High; Price: High to Low; Best Sellers On Friday, Peloton revealed another round of layoffs, price hikes for some of its products and the closure of many of its retail showrooms. Fitness chains and independent gyms at large have been hit hard, with roughly one-third of fitness locations closing during the pandemic. SoulCycle is closing 19 studios, CEO Evelyn Webster told staffers on Friday. "We have to make our revenues stop shrinking and start growing again," McCarthy said in the staff memo, per Bloomberg. "Smash the cap", Millions of Americans nearing retirement age with no savings, federal judge in New York denied Peloton's motion. 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. DEDHAM, Mass. 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. 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 . 669 Stanford Shopping Center, C12 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. before popping up 25 total outdoor locations . [emailprotected]. ae0fcc31ae342fd3a1346ebb1f342fcb. 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. Both Peloton and SoulCycle have just revealed that they will be closing locations soon. Boston, MA 02114 4303 La Jolla Village Drive SoulCycle CEO Evelyn Webster announced the decision in an all staff meeting, according to Insider. On February 28, it sent an email to members confirming the studio would not open its doors again. Front Desk Associates, San Ramon - Equinox Fitness Clubs - LinkedIn "This will allow us to continue to provide riders with the SoulCycle experience they know and love.". This material may not be published, broadcast, rewritten, or redistributed. Sarah Lawrence for Vox. 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. 631.324.6600, Montauk "The timing was appropriate to look at our studio footprint by . Our content is fact checked by our senior editorial staff to reflect accuracy and ensure our readers get SoulCycle to Close At Least 19 Studios, Including in the 2 Chicago Area 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. Top editors give you the stories you want delivered right to your inbox each weekday. 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 . 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. Its yet another signal that consumers exercise habits continue to change as the pandemic wears on. 312.337.7685, Palm Beach - Outside Once the fitness darling of the pandemic, Peloton has shed more than 3,500 workers so far this year. SoulCycle Shutters 23% of Its Studios, Reportedly Cuts 75 Jobs Makers of in-home fitness equipment are also struggling, including NordicTracks parent company iFit Health and Fitness. We love celebrating birthdays at SoulCycle, and we look forward to celebrating you when we are back on the bike. 384 Lafayette Street 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. 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. In light of the ongoing Coronavirus (COVID-19) developments and government mandates, keeping our riders, instructors, and staff safe is our absolute top priority. SoulCycle is closing 25% of its studios - WHDH Roubaix, Hauts-de-France France: things to do, see, information Flywheel, a similar indoor spin concept, permanently closed in September 2020. All Rights Reserved. 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. 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. document.addEventListener( 'DOMContentLoaded', function() { 25 SW 9th Street By clicking Sign up, you agree to receive marketing emails from Insider The exercise company will begin hosting indoor classes at its Mount Vernon Triangle location July 1, and is already hosting indoor classes at its Clarendon and Bethesda locations. By Lauren Thomas, CNBC. SoulCycle is owned by New York-based Equinox Group. 650.784.7510, Walnut Creek In the meeting, Webster also cited "fairly significant geographic shifts" among SoulCycle's customer base as a significant reason behind the closures. 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. Vaccine Required - Marin Country Mart Washington, DC 20009 Ann Arbor, MI 48104 It's not just Peloton that's spinning into trouble: Indoor cycling studio SoulCycle is closing about 25% of its locations. How Many Soulcycle Studios Are There - BikeHike (Copyright (c) 2022 CNN. Atlanta, GA 30326 There will soon be fewer SoulCycle studios in California and other parts of the United States. New York, NY 10022 New York, NY 10028 But SoulCycle, which has largely focused on in-studio classes, was hit with the other side of that trend. "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. The privately-run company, owned by Equinox Group, Flywheel, a similar indoor spin concept, permanently closed in September 2020. } ); Please keep your comments respectful and relevant. 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! 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. Customers who frequent a studio that's closing were informed via email over the weekend, and about 75 of SoulCycle's approximately 1,350 employees will be laid off as a result of the closures. 425.786.0004, South Lake Union NEWPORT BEACH, CA SoulCycle is expected to close its Newport Beach location alongside 18 others in the U.S. and Canada, Insider reported Tuesday. This story has been shared 106,493 times. Chestnut Hill, MA 02467 617-658-9010. +44 2031 371880, Soho London West Hollywood, CA 90069 Peloton had received a boost from Covid-19 closures, as consumers looked to exercise from home when gyms shuttered. 140 E 63rd Street Sunbeam Television Corp West Palm Beach, FL 33401 News provided by The Associated Press. The-CNN-Wire & 2022 Cable News Network, Inc., a WarnerMedia Company. Equinox-owned SoulCycle, known for its indoor cycling and spinning workouts, is closing 19 of its 83 studios in the U.S. and Canada. Beverly Hills is one of five. var xhr = new XMLHttpRequest(); 415.431.7685, Marin SoulCycle is slimming down its number of nationwide locations. It will also close down in Toronto, which means a complete exit from Canada. Palo Alto , CA 94304 SoulCycle is closing 25% of its studios - KTVZ SoulCycle closing 20 locations across US due to pandemic SoulCycle: Indoor Cycling on the App Store Severe Weather All rights reserved. Sign up for notifications from Insider! xhr.open('POST', 'https://www.google-analytics.com/collect', true); In Roubaix there are 96.990 folks, considering 2017 last census. SoulCycle is closing 25% of its studios - ABC7 Southwest Florida The company is also planning to end its presence in Toronto, which will take SoulCycle out of Canada altogether. 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. 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. 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. 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. As for Southern. Meanwhile, Meta is delaying deciding whether to hire interns so that it has more time to assess staffing needs, reported Bloomberg. Show all. These aren't the first closures that athletes have had to deal with in 2022. And now the company is adding 20 new locations for those who are ready to . It scrapped its initial public offering at the last minute a few months ago and Tonal cut 35% of its staff in July. 2325 Collins Avenue Market data provided by ICE Data Services. Miami Beach, FL 33139 SoulCycle is closing 20 stores across the nation - CBS News 631.537.3630, East Hampton Peloton to slash 780 jobs and hike prices in push to turn profit - NBC News

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