YogaWorks

YogaWorks was one of the largest providers of yoga instruction in the U.S., with at its peak 3 million student visits in 2016.[1] The company offered yoga classes, teacher trainings,[2] and sold yoga clothing and accessories.

YogaWorks
TypePublic
NASDAQ: YOGA
Russell Microcap Index component
Founded1987
FoundersMaty Ezraty and Chuck Miller
Headquarters
Culver City
,
United States
Number of locations
66
Area served
Los Angeles
Key people
Brian Cooper, CEO & President
ProductsYoga Clothing & Accessories
ServicesLive streamed and On-Demand Yoga Classes
RevenueChapter 11 (202o)

YogaWorks operated 66 company-owned studios which closed permanently in September 2020. YogaWorks was present in eight U.S. markets — Los Angeles, Orange County (California), New York City, Northern California, Boston, Baltimore/Washington D.C., Atlanta, and Houston.[3] Since 1990, YogaWorks has offered a teacher training program, which has over 11,000 graduates.[1] Their Internet-based digital media service and online education programs were acquired by Serene in November 2020.[4]

History

Yogaworks was founded by two yoga teachers, Maty Ezraty and Chuck Miller.[5] In 2007, Yogaworks had 14 locations in the states of California and New York[6] and by 2008 the company had expanded to 21 yoga studios.[5] In 2014, the company and its 29 yoga studios were purchased by Great Hill Partners for $45 million.[7] As of 2017 the company had 66 yoga studios across the country.[3] Brian Cooper joined YogaWorks in 2019 as Chief Executive Officer, initially leading a restructuring that closed unprofitable studios and eventually filing for Chapter 11 in October 2020.[8][9]

Yoga Teacher Unionization

On September 9, 2019, Machinists Union officials and the teachers at the New York studios, asked YogaWorks to recognize the New York teachers' union known as 'Unionize Yoga'— the first union in the United States to include yoga instructors.[10][11][12] The teachers' union received support from US Senators Bernie Sanders,[13] Chuck Schumer,[14] and Elizabeth Warren.[15] On November 18, 2019, the results of the teacher union election were announced — YogaWorks New York teachers voted 'yes' by an overwhelming majority to come together as a union.[16] After years of financial struggles which were exacerbated by the CoVid-19 pandemic, YogaWorks closed its New York studios permanently on April 19, 2020, giving employees a week's notice before layoff and effectively dissolving the union.[17][18]

References
  1. "S1 Filing". www.nasdaq.com/markets/ipos/filing.ashx?filingid=12143287. NASDAQ. June 23, 2017. Retrieved December 19, 2017.
  2. "YogaWorks Teacher Training". YogaWorks Teacher Training. Retrieved Dec 30, 2020.
  3. ICR, Inc. (November 14, 2017). "YogaWorks Acquires Four Premier Studios in Atlanta". Press Release. Retrieved December 19, 2017.
  4. Garcia, Tonya (Oct 15, 2020). "YogaWorks files for bankruptcy". Market Watch. Retrieved December 24, 2020.
  5. Sarah Duxbury (October 31, 2008). "Yoga Stretches Into the Bay Area". San Francisco Business Times. Retrieved 26 January 2010.
  6. Betsy Boyd (July 1, 2007). "Competition for Area Students Will Go to the Mat". Ventura County Star. Retrieved 26 January 2010.
  7. "YogaWorks Acquired by Private Equity Firm". ir.yogaworks.com/phoenix.zhtml?c=254590&p=irol-govBio&ID=257422. EZFacility. Retrieved December 19, 2017.
  8. DiMartino, Mediha (October 19, 2020). "YogaWorks Files for Bankruptcy". LA Business Journal. Retrieved December 24, 2020.
  9. Rice, Andrea (October 15, 2020). "YogaWorks Files for Bankruptcy, as Yoga Industry "Brought to Its Knees". Yoga Journal. Retrieved January 24, 2021.
  10. Moynihan, Colin (September 11, 2019). "The Yoga Instructors vs. the Private Equity Firm". The New York Times.
  11. Jones, Sarah (September 12, 2019). "Yoga Teachers Are Unionizing to Heal the Wellness Industry". The Cut / New York Magazine. Retrieved December 24, 2020.
  12. Pfeiffer, Sacha (October 12, 2019). "Yoga Instructors Are Unionizing". NPR. Retrieved December 20, 2020.
  13. Sanders, Bernie. "Facebook - US Senator Bernie Sanders". Facebook.
  14. Unionize Yoga (September 11, 2019). "Thank you @chuckschumer for your support!". Instagram.
  15. Unionize Yoga (September 16, 2019). "Elizabeth Warren supports @unionize_yoga!". Instagram.
  16. Unionize Yoga (November 18, 2019). "YogaWorks New York teachers voted YES to come together as a union!". Instagram.
  17. Baker, Emma (April 15, 2020). "Yoga Means Union: Yoga Teachers Form a Historic Alliance Amidst Covid-19". Bedford + Bowery. Retrieved December 24, 2020.
  18. Rice, Andrea (April 17, 2020). "After Years of Financial Struggles, YogaWorks to Permanently Close in New York". Yoga Journal. Retrieved December 24, 2020.
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