"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. A SoulCycle spokesperson did not share the number of expected layoffs, but said in a statement that the downsizing was partially based on "shifts as a result of the pandemic. A sign marks the location of a SoulCycle studio at Westfield Old . 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.. Contact this reporter via email at bbiron@insider.com or by encrypted messaging app Signal at +1 (646) 768-4706. Most of the SoulCycle closings will be in New York, but locations in California, Massachusetts, Illinois, Florida, Georgia and Washington state will also be 126 Leroy Street Company also laying off about 75 employees. London region currently selected. 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. "The timing was appropriate to look at our studio footprint by . 240 East 54th Street } ); Peloton had received a boost from Covid-19 closures, as consumers looked to exercise from home when gyms shuttered. 631.324.6600, Montauk 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. Finally, in October, with Peloton miles ahead,. Our new IT Engineer will contribute to an unprecedented transformation of . It was founded in 2006, and has operations in the United States, Canada, and the United Kingdom. Tech companies who feel theyve achieved economies of scale with their traditional office workforce are reducing headcount in that environment, while employment numbers on the front lines, such as linguistics, manufacturing and everything thats involved with non-desk work, continue to grow, Dan Johnston, co-founder and CEO of WorkStep, a San Francisco-based workforce retention technology company, told HRD. "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. 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. What I will tell you, is this is absolutely the right decision.". 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. 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. scientific studies and medical journals. var xhr = new XMLHttpRequest(); On Friday, Peloton revealed another round of layoffs, price hikes for some of its products and the closure of many of its retail showrooms. 571-482-9910, Denver Denver, CO 80206 New York, NY 10018 Meanwhile, Meta is delaying deciding whether to hire interns so that it has more time to assess staffing needs, reported Bloomberg. Indoor cycling studio SoulCycle is closing about 25% of its locations, including in D.C. Log in to your WTOP account for notifications and alerts customized for you. But SoulCycle, which has largely focused on in-studio classes, was hit with the other side of that trend. SoulCycle is a fitness company owned by Equinox Group which offers indoor cycling and spinning workout classes. Bridgehampton, NY 11932 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. San Diego, CA 92122 Makers of in-home fitness equipment are also struggling, including NordicTracks parent company iFit Health and Fitness. All rights reserved. 631.537.3630, East Hampton Arlington, VA 22201 SoulCycle announced this week it's permanently closing its Yaletown spin studio in Vancouver. SoulCycle is closing both of their Canadian locations until at least the end of the year due to COVID-19.. SoulCycle shuttered all its locations in the early days of the pandemic and launched its own at-home bike to keep up with Peloton. 2549 Kirby Drive The company has one spin studio in Toronto's Yorkville neighbourhood, and another in Yaletown in Vancouver. 305.740.3601, Bridgehampton 212.580.7685, TriBeCa 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. (CNN) Its not justPelotonthats spinning into trouble: Indoor cycling studio SoulCycle is closing about 25% of its locations. 8 West 19th Street By clicking Sign up, you agree to receive marketing emails from Insider 212.406.1300, West 77th Street 94 Kraft Avenue Copyright 2023 CBS Interactive Inc. All rights reserved. DEDHAM, Mass. Bethesda, MD 20814 SoulCycle , to Close 25% , of Its Locations . SoulCycle currently operates 21 outdoor locations. In July, Chipotle shut down a restaurant in Augusta, ME where workers previously filed to unionize. And now the company is adding 20 new locations for those who are ready to . Its website lists its 14th Street, Georgetown, and West End locations as "reopening soon." The group 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. The Maine-based sports retailer is set to shut down permanently just a few years before its 50th anniversary, with its 35 remaining stores closing by the end of September, an Olympia Sports spokesperson told the Portland Press Herald. [emailprotected]. 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. Roslyn Heights, NY 11577 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.. A New York SoulCycle studio is pictured in September of 2020. 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. The-CNN-Wire & 2022 Cable News Network, Inc., a WarnerMedia Company. Miami, FL 33131 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.. 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 ); There are currently more than 90 SoulCycle locations in the United States, Canada and the United Kingdom. Beginning her SoulCycle career as a rider needing a break from the corporate world, Kaley eventually transitioned to a full-time instructor. I emailed YSM and havent heard back from them yet. 626.408.3000, Santa Monica SoulCycle is owned by New York-based Equinox Group. Chestnut Hill, MA 02467 617-658-9010. 25 SW 9th Street "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 is slimming down. That resulted in the loss of 1.5 million jobs, according to a report from IHRSA, a fitness advisory group. It will also close down in Toronto, which means a complete exit from Canada. It's . Please keep your comments respectful and relevant. 401 Congress Avenue Larkspur, CA 94939 Santa Monica, CA 90401 (720) 400-8500, Downtown Austin 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. Ardmore, PA 19003 3-4 Great Marlborough Street Richard B. Levine Richard B. Levine/Sipa USA Indoor cycling studio SoulCycle is closing about 25% of its locations. Apple Inc. also plans to slow hiring and spending growth next year, Bloomberg News reported. Our UK studios will be closed effective March 17. New York, NY 10001 305.407.8801, Coral Gables if( 'moc.enilnoefiltseb' !== location.hostname.split('').reverse().join('') ) { if( navigator.sendBeacon ) { 212.873.7685, East 54th Street Store closures have become a common occurrence over the past couple years. Top editors give you the stories you want delivered right to your inbox each weekday. 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. xhr.open('POST', 'https://www.google-analytics.com/collect', true); Indoor cycling studio SoulCycle is closing about 25% of its locations. Washington, DC 20009