YogaWorks Closing All Studios Due To Pandemic

Santa Monica CA

19 October, 2020

12:05 PM

Description

SANTA MONICA, CA — YogaWorks, one of the largest yoga chains worldwide, has filed for Chapter 11 bankruptcy and will close all its U.S. studio locations, citing the impacts of the coronavirus pandemic. The chain has more than 60 U.S. studios YogaJournal reports. And now, the company will shift its focus to online classes and teacher training. The group entered a purchase agreement with Serene Investment Management last week, announcing that Serene has agreed to purchase the company in an expected auction, which will then be approved by the U.S. Bankruptcy Court. Fitness studios are taking a major hit financially, with many locations closing across Los Angeles County and throughout the country, forcing companies to focus on online platforms and new business models. Students can continue practicing from home with YogaWorks using the YogaWorks Live and MyYogaWorks digital platforms. "The COVID-19 pandemic has created unprecedented challenges for our industry and business, including mandatory studio closures and social distancing-imposed attendance restrictions even where studios have been permitted to reopen," Brian Cooper, Chief Executive Officer of YogaWorks, said in a news release. Teachers are now trained to be virtual instructors, focused more on digital classes and workshops. "We have been taking action to adapt to these challenges, including expanding our digital platform that now offers YogaWorks students over 40 live streaming yoga classes per day and over 1,000 hours of pre-recorded classes and yoga workshops - all from the best teachers in the business," Cooper said. YogaWorks has three locations in Santa Monica, including the studios at 2215 Main St. and 1426 Montana Ave., along with the Strand Street teacher training center. Other Los Angeles-area studios are in Brentwood, Koreatown, Larchmont, Los Feliz, Pasadena, Playa Vista, South Bay, Studio City, Tarzana, Valencia, West Hollywood, Westlake Village, Westwood and Woodland Hills. At the studio in Santa Monica, all the merchandise was gone from the window at the Main Street location by Monday morning. All that remains are the building. "I would like to extend my sincere appreciation to our employees and teachers for their tireless commitment to YogaWorks over the past several months, years, and in many cases decades," Cooper said. "We are so impressed by the passion and love that our teams have displayed despite the many challenges faced. We have also been humbled by the support and dedication that we continually receive from our students as we've fought through these uncharted challenges together, displaying the amazing impact that YogaWorks has had in the communities we serve. We will continue to make decisions that provide the most benefit to our team, students, and partners, and we are confident that we will emerge from this process a stronger organization." See more: Census Complicated By 'Mass Exodus' Across LA, Abrupt Count HaltSanta Monica Police Chief To Retire Following Civil Unrest In MaySanta Monica City Council Approves Plan For More Bike Lanes