Flywheel Sports, the spin chain, is closing 11 of its 42 locations. The closings were reported in an e-mail to membership holders.
“We decided to take a look at our national footprint and close studios that were under-performing,” a spokesperson told Bloomberg. “All riders impacted will be offered a full refund.”
The closures include all four of its studios in Los Angeles. Other closures will include locations in Alpharetta, GA; Austin, TX; and North Miami, FL, along with two in the San Francisco Bay Area.
In early June, reports arrived that Flywheel had been taken over by a lender amid financial struggles and was working with an advisor to explore a possible sale.