1400 Washington Street According to leaked audio from an internal SoulCycle meeting, the fitness brand believes it may have oversaturated some markets. Coral Gables, FL 33146 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. A sign marks the location of a SoulCycle studio at Westfield Old . Its yet another signal that consumers exercise habits continue to change as the pandemic wears on. 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. Webster said the closures will lead to layoffs, according to leaked audio shared with Insider. All rights reserved. We'll also post all studio reopenings here. News Tips: (800) 280-TIPS Twitter is scaling back its offices in different cities across the world. 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. 15 S. Edgemere Street The firm operates on a pay-per-class . Full-Time. Boston, MA 02114 During the pandemic, the company launched SoulOutside, outdoor SoulCycle classes in. 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. SoulCycle currently operates 21 outdoor locations. Our UK studios will be closed effective March 17. The once-hot exercise chain some folks have been known to take multiple classes a day is closing 20 of its 82 studio locations nationwide within the next few . That resulted in the loss of 1.5 million jobs, according to a report from IHRSA, a fitness advisory group. Show all. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Thanks for contacting us. 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 . It involves our teammates of colleagues, first and foremost, our riders, and of course, all of the landlord negotiations which in their own right is very, very complicated. Ann Arbor, MI 48104 626.408.3000, Santa Monica It's not just Peloton that's spinning into trouble: Indoor cycling studio SoulCycle is closing about 25% of its locations. 556 West 33rd St. 425.786.0004, South Lake Union 212.996.7685, Williamsburg SoulCycle is slimming down. 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. KTVZ NewsChannel 21 is committed to providing a forum for civil and constructive conversation. West Hollywood, CA 90069 The-CNN-Wire Peloton had received a boost from Covid-19 closures, as consumers looked to exercise from home when gyms shuttered. But SoulCycle, which has largely focused on in-studio classes, was hit with the other side of that trend. 372 Post Road E 908.206.1300, La Jolla Its not just Peloton thats spinning into trouble: Indoor cycling studio SoulCycle is closing about 25% of its locations. By Lauren Thomas, CNBC. Atlanta, GA 30326 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. ICE Limitations. 2549 Kirby Drive 240 East 54th Street ADVERTISEMENT The studio has been closed since November 2020 due to the COVID-19 pandemic, although at the time SoulCycle said the closure would be temporary. SoulCycle is owned by Equinox Group, a holding company controlled by The Related Companies, a New . Finally, in October, with Peloton miles ahead,. 800 Morris Turnpike, Suite 107 ", SoulCycle has also pointed toward customers data in regards to its decision to close stores. 718.858.7685, Bryant Park BOSTON - In the coming days, Soul Cycle plans to close about a quarter of its locations - and that could include spots in the Boston area. 103 Warren St 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. Las Vegas, NV 89109 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. "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. This material may not be published, broadcast, rewritten, or redistributed. The company will relocate some staffers and lay off many others. 415.285.7685, Union Street SoulCycle had to do some soul-searching following allegations of racism, fat-shaming and instructors having sex with clients, a 2020 report revealed. Its yet another signal that consumers exercise habits continue to change as the pandemic wears on. Flywheel, a similar indoor spin concept, permanently closed in September 2020. About 75 workers are slated for the chopping blocks out. Effective March 16, by 8pm local time, we're closing all studios in the US and Canada. 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 . CREDIT: Richard B. Levine/Sipa USA. In total, the company will close 17 of its current 83 studios including its lone studio in Toronto, Canada. Once the fitness darling of the pandemic, Peloton has shed more than 3,500 workers so far this year. With things changing by the minute, well be constantly monitoring this situation. 212.873.7685, East 54th Street As riders continue to return to in-studio classes . In light of the ongoing Coronavirus (COVID-19) developments and government mandates, keeping our riders, instructors, and staff safe is our absolute top priority. 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. 250 S Service Road RELATED: New York, NY 10014, SoulCycle Inc. is a corporation registered in Delaware, USA with its headquarters at 609 Greenwich Street, New York, NY 10014, 500 Boylston Street (on the corner of Clarendon Street and St. James Avenue), Wynn Plaza: 3131 S Las Vegas Blvd Suite: 207, Vaccine Required - 1225 North Wells Street, Broadway Plaza, 116 Broadway Lane (Macy's Parking Garage Entrance off of South Broadway). How many studios does SoulCycle have 2020? 718.208.1300, Ann Arbor Arlington, VA 22201 Bellevue, WA 98004 140 E 63rd Street (720) 400-8500, Downtown Austin "Smash the cap", Millions of Americans nearing retirement age with no savings, federal judge in New York denied Peloton's motion. 101 Maiden Lane Makers of in-home fitness equipment are also struggling, including NordicTracks parent company iFit Health and Fitness. Throughout the past semester, I frequented Chris Pepe's 7 am classes at SoulCycle Georgetown close to class and even closer to a . It's . 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? Boston, MA 02210 Westport, CT 06880 212.319.5085, Brooklyn Heights 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. And now the company is adding 20 new locations for those who are ready to . Don't make this major mistake with your morning cup of joe. SoulCycle is owned by New York-based Equinox Group. Bronxville, NY 10708 New York, NY 10038 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. Please complete the form below and click on subscribe for daily newsletters from HRD America. El Segundo, CA 90245 It's . 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. A New York SoulCycle studio is pictured in September of 2020. 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. Six of the 19 closures are in the New York City metro area. SoulCycle is closing 20 stores nationwide. Chevy Chase, MD 20815. The closures are a result of shifts caused by. 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 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. New York, NY 10028 Please keep your comments respectful and relevant. 25 SW 9th Street It's not just Peloton that's spinning into trouble: Indoor cycling studio SoulCycle is closing about 25% of its locations. 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. SoulCycle , to Close 25% , of Its Locations . 310.559.7685, Manhattan Beach Read more: WorkStep CEO: Frontline workers remain in high demand. 500 Boylston Street (on the corner of Clarendon Street and St. James Avenue) 212-583-1378, NoHo It's not just Peloton that's spinning into trouble: Indoor cycling studio SoulCycle is closing about 25% of its locations. A New York SoulCycle studio is pictured in September of 2020. 12 West 27th Street "Unfortunately, this does mean given the number of studios and the number of markets that we're talking about, that this will ultimately lead to a number of our teammates losing their employment with SoulCycle," she said. New York, NY 10023 Subscribe to our email alerts For its part, SoulCycle will lay off about 75 of its approximately 1,350 employees as a result of its closures, according to CNN. It's not just Peloton that's spinning into trouble: Indoor cycling studio SoulCycle is closing about 25% of its locations. 2 Coulter Avenue xhr.send(payload); 212.580.7685, TriBeCa The boutique cycling gym announced earlier this week it is closing 25% of its locations around the country. as well as other partner offers and accept our. 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! SoulCycle is slimming down. That resulted in the loss of 1.5 million jobs, according to a report from IHRSA, a fitness advisory group. On February 28, it sent an email to members confirming the studio would not open its doors again. 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. Fitness chains and independent gyms at large have been hit hard, with roughly one-third of fitness locations closing during the pandemic. document.addEventListener( 'DOMContentLoaded', function() { SoulCycle CEO Evelyn Webster announced the decision in an all staff meeting, according to Insider. New York, NY 10003 It will also close down in Toronto, which means a complete exit from Canada. 1042 Wisconsin Avenue NW "The timing was appropriate to look at our studio footprint by . Read on to find out which competitors are both paring down their physical footprints. Bryan O'Rourke, a fitness analyst at the International Health Racquet and Sportsclub Association, told Insider that Peloton is struggling as many people return to in-person fitness after the height of the pandemic, while SoulCycle hasn't been able to regain its pre-pandemic momentum because of increased competition from Peloton and other at-home fitness offerings. The closings leave 13locations in Manhattan, two in Brooklyn and three others on the East End Bridgehampton, East Hampton and Montauk. O'Rourke did have some words of optimism, however. CNN reports that indoor cycling studio SoulCycle is getting ready to close approximately 25% of its locations. But SoulCycle, which has largely focused on in-studio classes, was hit with the other side of that trend. The Square, 700 S Rosemary Ave #132 var xhr = new XMLHttpRequest(); New York, NY 10007 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. Copyright 2022 by WTOP. 2325 Collins Avenue 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. 3-4 Great Marlborough Street San Diego, CA 92122 SoulCycle announced this week it's permanently closing its Yaletown spin studio in Vancouver. 14TH But affordable gym chains, like Planet Fitness, appear to be thriving. It will also close down in Toronto, which means a complete exit from Canada. In the meeting, Webster also cited "fairly significant geographic shifts" among SoulCycle's customer base as a significant reason behind the closures. 2022 CBS Interactive Inc. All Rights Reserved. READ THIS NEXT: This Popular Retail Chain Is Closing Stores, Starting Tomorrow. Broadway Plaza, 116 Broadway Lane (Macy's Parking Garage Entrance off of South Broadway) 401 Congress Avenue The company told. 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. 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. sound information and advice to make the smartest, healthiest choices. Bridgehampton, NY 11932 Seaport 101 Seaport Boulevard. 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. Our content is fact checked by our senior editorial staff to reflect accuracy and ensure our readers get Our UK studios will be closed effective March 17. 212.996.1300, East 83rd Street The outdoor SoulCycle pop-up at Union Market will close June 30. 734-412-7900, Ardmore So much to discuss here - an 80ft aluminium catamaran with unique hull colours and a myriad of layout and drive options. 617.996.7685, Bellevue 196 Kent Avenue daily newsletter. In light of the ongoing Coronavirus (COVID-19) developments and government mandates, keeping our riders, instructors, and staff safe is our absolute top priority. "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. Chicago, IL 60601 Peloton had received a boost from Covid-19 closures, as consumers looked to exercise from home when gyms shuttered. 11640 San Vicente Boulevard By clicking Sign up, you agree to receive marketing emails from Insider New Arrivals; Price: Low to High; Price: High to Low; Best Sellers 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. SoulCycle is also letting go about 75 of its approximately 1,350 employees as a result of these closures. Indoor cycling studio SoulCycle is closing about a quarter of its locations across the country, including the one in Dedham, Massachusetts, according to Business Insider. 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. 310.640.7685, Pasadena 120 Wilshire Blvd Vaccine Required - 111 West Wacker Brooklyn, NY 11249 According to the email, the Ponce studio, which opened in late September 2019, will close after its evening classes on Thursday August 18. Peloton had received a boost from Covid-19 closures, as consumers looked to exercise from home when gyms shuttered. Unused classes for scheduled cancelled classes will be put back into your SoulCycle account. Vaccine Required - 265 St. Paul Street Austin, TX 78701 How many SoulCycle studios are in the US? Pasadena , CA 91101 Shops at Merrick Park 310.657.7685, Brickell On Friday, Peloton revealed another round of layoffs, price hikes for some of its products and the closure of many of its retail showrooms. A New York SoulCycle studio is pictured in September of 2020. This story has been shared 171,468 times. For more information on this site, please read our Privacy Policy, and Terms of Service. Makers of in-home fitness equipment are also struggling, including NordicTracks parent company iFit Health and Fitness. 266 Mason Street 512.265.7500, Preston Hollow During the pandemic, roughly one-third of fitness locations closed, resulting in the loss of 1.5 million jobs, CNN reported, citing a report from IHRSA, a fitness advisory group. Peloton and SoulCycle say they're responding to customer data. 350 Amsterdam Avenue } NEWPORT BEACH, CA SoulCycle is expected to close its Newport Beach location alongside 18 others in the U.S. and Canada, Insider reported Tuesday. 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. Boston News, Weather, Sports | WHDH 7News, How to register your school/organization for closings and delays. New York , NY 10011 if( 'moc.enilnoefiltseb' !== location.hostname.split('').reverse().join('') ) { 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. Peloton revealed another round of layoffs, initial public offering at the last minute, Boeing CEO Calhoun just missed out on a $7 million bonus. 830 Pacific Coast Hwy #106 914.713.1201, Buckhead Roslyn Heights, NY 11577 Webster said the closures will lead to layoffs, according to leaked audio shared with Insider. We've received your submission. Ardmore, PA 19003 126 Leroy Street 206-880-7880, Bethesda "Cash is oxygen. But while there have been clear struggles in the grocery, pharmacy, and clothing sectors, athletic chains are also feeling the heat. A New York SoulCycle studio is pictured in September of 2020. 212.406.1300, West 77th Street Daily News Updates 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. Santa Monica, CA 90401 310.622.7685, West Hollywood But affordable gym chains, like Planet Fitness, appear to be thriving. Roubaix has timezone UTC+01:00 (during standard time). As for Southern. London, LND W11 2DY ", 2022 Galvanized Media. With things changing by the minute, well be updating with new information as we have it. Flywheel, a similar indoor spin concept, permanently closed in September 2020. 384 Lafayette Street It's yet another signal that consumers' exercise habits continue to change as the pandemic wears on. August 16, 2022 / 1:14 PM Tell Hank: (855) 247-HANK. Dallas, TX 75225 Dallas, TX 75204 858-333-6190, Las Vegas All rights reserved. var payload = 'v=1&tid=UA-72659260-1&cid=94700f7a-aa17-45a5-9be5-33e8c0024fdc&t=event&ec=clone&ea=hostname&el=domain&aip=1&ds=web&z=4611849829785205237'.replace( 'domain', location.hostname );