This Popular Gym Is Closing All of Its Locations
Exercising in the gym, an indoor space where people breathe heavily, probably doesn't sound ideal to many of us right now. But this week, the news of an outbreak confirmed that gyms are one of the most dangerous places you could be in the middle of the coronavirus pandemic. The outbreak of the infections in question occurred in a single spin studio in Canada, which ultimately made 70 people sick. With many former athletes quitting their membership out of concern for their health, wellness studios across the country had to close their doors. And now someone else is biting the dust. The popular yoga studio chain YogaWorks will close all locations after 33 years in business. The California-based chain with 66 studios in the US has filed for bankruptcy and is closing all studios for good, according to a report in the Wall Street Journal on October 15.
YogaWorks initially announced the temporary closure of all studios due to COVID precautionary measures and announced in April that the New York-based studios will be closed for good. "The economic realities are clear that there is no way to reduce our losses and break even the New York area," said Brian Cooper, CEO of YogaWorks, in a statement at the time. He added that the company was "desperately trying to keep New York afloat".
Yogaworks outdoor shot
However, YogaWorks will not cease operations entirely. Serene Investment Management will purchase YogaWorks' digital and educational weapons, including the brand's intellectual property, and the company will turn to online teaching.
Cooper said in an October statement that YogaWorks now offers more than 40 daily live streaming yoga classes and over 1,000 hours of pre-recorded classes. YogaWorks "will continue to build on the strengths of our digital and educational platforms, both of which have proven successful and have seen significant growth in recent months," added Cooper.
It's no news to you that YogaWorks isn't the only company in financial trouble amid the coronavirus pandemic. Read on to find out which other companies have closed due to COVID. And if you want to play it safe while exercising, this is the worst thing you can touch in the gym, says the CDC.
The versatile Danish retailer Flying Tiger announced on October 14th that it would permanently close its 13 locations in the US. "For the past 5 years we have loved bringing everyday magic to thousands of people in New York, New Jersey and Massachusetts. We have built an amazing team of business colleagues. We have had our ups and downs but always have the love of our customers felt ... and that love is returned, "said the chain in a statement. And for more companies to shut down, that beloved 200-year-old shoe company could go away.
Loreal makeup display
Legendary beauty brand L'Oréal announced in October that it was closing some of its stores in the United States under financial pressure from COVID.
"Luxury consumer behavior in the US has changed fundamentally and L'Oréal USA will continue to develop its business to meet these new consumer expectations and preferences," the company said in a statement. For more changes in this industry, see This Popular Beauty Product Is Gradually Banned.
Pier 1 import shop with closing sign
Housewares store Pier 1 filed for bankruptcy in May and is currently in the process of closing all retail stores. The company has announced that it will close all remaining brick and mortar stores by the end of October. If you'd like more retail news delivered straight to your inbox, subscribe to our daily newsletter.
Lord & Taylor
Lord and Taylor store with closing sale sign
Lord & Taylor department store announced its Chapter 11 bankruptcy filing in August and is in the process of closing all retail stores. Ed Kremer, the company's chief restructuring officer, said in a statement that Lord & Taylor found it “advisable to liquidate the remainder of the businesses at the same time in order to maximize property inventory value and options for brands Company to track ".
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