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It’s another sign that consumers’ exercise habits will continue to change as the pandemic worsens.
In the coming days, SoulCycle will close 20 of its 83 studios: six in the New York City area, five in California and others in Washington, D.C., Massachusetts, Illinois, Florida and Georgia. In addition, it will be closed in Toronto, which means a complete withdrawal from Canada.
In a statement to CNN Business, a SolCycle spokesperson said: “As riders continue to return to studio classes, there have been many changes due to the pandemic.”[ed] There is an opportunity to choose the right size in certain markets.
Customers who frequent the closing studio were notified by email over the weekend, and about 75 of SoulCycle’s 1,350 employees will be laid off as a result of the closure.
Peloton has gotten a boost from the COVID-19 shutdown as gyms close and consumers look to exercise from home. But SoulCycle, which focuses mostly on in-studio classes, hit the other side of that trend.
Equivalent chains are rich
Fitness chains and independent gyms have been hit hard, with approximately one-third of fitness locations closed during the outbreak. This resulted in the loss of 1.5 million jobs, according to a report by the IHRSA Fitness Advisory Group.
We believe our high-quality, affordable fitness experience resonates more than ever because Americans are looking for value and the cost of everyday items like food and gas continues to rise. CEO Chris Rondeau noted on the earnings call. That people are “falling out” of high-priced gyms.
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