New York City, New York-based SoulCycle, a subsidiary of the Equinox Group and organized around indoor cycling, spinning workout classes, and merchandise, has announced the multi-state closure of at least 19 locations and the layoff of all location employees.
According to CEO Evelyn Webster. "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."
"We've been able to analyze a lot of data that very clearly indicates to us that many of our riders have moved. 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."
"You can imagine a process like this is extraordinarily involved, very, very complex. 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. What I will tell you, is this is absolutely the right decision."
"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,"
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?