New York CNN Business —It’s not just Peloton that’s spinning into trouble: Indoor cycling studio SoulCycle is closing about 25% of its locations. 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. But SoulCycle, which has largely focused on in-studio classes, was hit with the other side of that trend. The privately held company, owned by Equinox, did open some SoulCycle studios outdoors and even created an $2,500 at-home bike in an effort to weather the pandemic. Affordable chains thrivingFitness chains and independent gyms at large have been hit hard, with roughly one-third of fitness locations closing during the pandemic.

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