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SoulCycle, Peloton announce layoffs, closures on same day

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Posted at 6:49 PM, Aug 15, 2022

Two indoor cycling companies are spinning into some trouble.

On Friday, indoor cycling studio SoulCycle and stationary bike maker Peloton announced they would be laying off employees and closing locations.

CNN and Business Insider reported that SoulCycle would close about 25% of its locations, which is about 20 of its 83 studios.

According to the news outlets, six of the closures will be in New York City, five in California, including others in Washington D.C., Massachusetts, Illinois, Florida, and Georgia.

SoulCycle in Toronto will also close, which means a complete exit from Canada, the news outlets reported.

CNN reported that about 75 SoulCycle employees would be laid off due to the closings.

SoulCycle isn't the only one dealing with issues.

Peloton also announced Friday that it would layoff around 800 employees, the company confirmed in a statement to The Verge.

According to Bloomberg, Peloton also plans to close several retail locations and hike the price of its Bike+ and Tread models.