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Mindbody is again laying off employees working in San Luis Obispo

October 26, 2022

By KAREN VELIE

Mindbody, one of the largest employers in San Luis Obispo, is again laying of county residents, according to an announcement the company made on Wednesday.

In the announcement, Mindbody, a publicly traded company that sells software for managing health and wellness businesses, said that inflation and impacts from the pandemic led to the latest layoffs.

The company is not disclosing how many employees it is laying off.

“While the wellness industry continues to recover from the impact of the pandemic, increased economic uncertainty and inflationary pressures have slowed progress and created new challenges for our industry to navigate,” according to the announcement. “While these changes are incredibly difficult and will be deeply felt across our entire organization, they will ultimately help us build a more resilient platform capable of meeting evolving market dynamics while better positioning our company for long-term growth.”

In early 2019, Mindbody merged with Vista, a private equity firm. At the time, CEO Rick Stollmeyer told employees that there would be no layoffs because of the $1.9 billion merger.

In April 2020, laid off or furloughed hundreds of county residents via emails sent at 5 a.m. on a Thursday morning.


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Reminds me of a movie I saw where a guy took rudimentary scheduling software and created a “new” product. He used high pressure sales tactics on uneducated gig economy workers to get them in service contracts where he took a percentage off each credit card transaction like a skimming racket. The company raked in profits, he would fire anyone who didnt make their sales number’s. He convinced the community he was a great person and they invested millions in supporting his local business in infrastructure. Then it got dark, he sold the company to an acquisition butcher shop known for off-shore tax evasion. He seemed to get away with it but one day the SEC caught up with him. He did a stretch in prison and now does motivational speaking. I cannot remember the name of it?


4

The job down turn has begun… if you have a job hang on to it…


15

Federal reserve is getting what it wants in slowing the rate of inflation. Unfortunately, the very people they are trying to protect from escalating prices will be losing their jobs. Then what?


1

Boom and bust. Some walk away rich; most are left upended with failed mortgages, bankruptcy, homelessness, loss of benefits; false idols, a soon to be abandoned building built on some choice toxic land that’s contaminated from previous oil companies and an airport all tied to the feds for war with insane amounts of PFAS levels higher than most of CA. Ie; Cancer and poison water, Cool. Thanks MindBody, for lacking concerns for minds and bodies lol locally. Boom n bust, the American way. Let’s list; Detroit, phili, sister cties, Chicago, all of the great lakes now with poison water, Kansas City, jersey, Atlantic City, Nashville, houston,, LA, DC, SF and the list goes on. China much America? Oligarchs of Slo. Greed is universal, so is Sin.


-20

Typical of companies blame the pandemic and get rid of the underpaid workers to save the company and also the same in government except they never get rid of the workers just and more fees to cover there mistakes. Companies need workers to make there fortune but dump them when it suits there needs.


13

That’s commerce baby. Blame the CEOs and the rich. They looked back to watch it burn but never turnt to stone and laughed. The devil is real.


-17

Actually this time they cut the employees with the largest salaries which equated to the biggest savings on paper. Many SVPs, VPs, Directors, and even a C-level exec got boot this time. All thanks to Fritz, their new CEO from claASS pASS whose motto is shoot first and figure out the plan later. It’s a race to the bottom to get as lean as possible to show a profit on paper and get bought out by some sucker and cash out before the whole thing implodes. Don’t forget this is the same Mindbody that got $500M in new funding last year. Where did that money go? It sure wasn’t on retaining employees.


12

I read a Tweet from an employee on Twitter that it is 400 employees being laid off.


15

And the CEOs got a bonus and a bail out under conservative and liberal administrations because they were too big to fail; the devil runs the world.


-10

Eventually all of these “fun” “work life balance” centered companies have to bring in the grown-ups to run them. Bring-your-dog-to-work-day and Free-burritos-on-the-basketball-court-day, give way to actual profit motive and “efficiency” campaigns. Sorry gang.


38

Ok, profit shouldn’t come before ethics and god. And failure is due to such. And those who suffer are the masses. Not the CEO and work politics and brainwashed talking points from talking heads.


-23

Mindbody crashing and burning has nothing to do with “work life balance”. Companies that run their employees into the ground and fail to provide a work life balance in pursuit of the almighty dollar can no longer find employees to put up with that BS, just like the sweatshops of the past. No, the reason Mindbody is failing is that greedy execs sold the company to a robber-baron VC fund that is now cutting employees to improve the financials on paper so they can make a quick sale and profit.


11

Sweatshops! LOL


2

They are no longer a publicly traded company. Merged companies eventually eliminate duplication between operations. SLO is lucky anything remains at this point.


38

Correction: MindBody has not been a publicly traded company since the Vista acquisition.


11

Mindbody falsified information to go public, was purchased and taken private by one of the VCs that took it public, and now is cutting the fat of building a fake start up.


The San Luis economy suffers. Thanks Rick Stollmeyer!


18

He employed hundreds of people for years in SLO. Constructed facilities that enriched more workers. Many MB employees were able to buy houses to further add to the economy and build personal wealth because of him.


I would also point out French Hospital surely appreciated the Millions given to them. Improving our health care in SLO county as a result.


Because he could not guarantee their employment in perpetuity he is a villain? I think not.


Good job Rick. Sorry the run didn’t last longer.


6

Disagree. The benefits are drying out like the well water whilst 1% made off with it all and left us with dead land and failure. We planted more than we could handle, allowed a foreman to forsake us, then place the blame on the wrong places knowing it was too good to be true because the rewards short term were so sweet. That’s like gambling, or the stock market. Only ourselves to blame.


-11

^This


-7

Ugh! My post “^This” was in agreement to MrYan’s comment and not kevin rise’s. Stollmeyer employed lots of people and cannot be expected to provide forever. He certainly accomplished a lot more than I have in terms of providing opportunities for the community.


-1

French is private; ie, they make profit out of people’s medical misfortunes and we subsidize their CEO bonuses. Fk Obamacare, we need social medicine. And MindBody is a GM in Detroit failure waiting to happen and has. Boom and bust. I go to French, but making profit out of health and people’s medical misfortune is disgusting Snake Oil commerce, and a sin of God. I’d rather pay a Hospital Vs Lockheed making bombs to shell Yemen for the Saudis with my tax dollars and making DOD contractors rich; Saudi Arabia bombed the world trade center fyi. Not anyone else.


-28

You mean the inflated VC funded salaries which increased housing costs and cost of living in our once small community?


Stollmeyer cares more about his name on French hospital than the 500k is cost him to put it there. I know of community members who have donated more anonymously.


The failed state of his business is a direct reflection of him.


6

Creating good paying jobs for locals didn’t cause our housing prices to rise. OC Transplants with pockets full of dough over paying for housing has done that job for us. His workforce didn’t skew the housing numbers.


It sounds like you don’t like how Capitalism works. You seemed surprised by the planned arc of any VC based venture.


BTW Kevin—most hospitals are privately owned. We don’t have socialized medicine in this country, and probably never will. Single payer systems would use private hospitals as well. I would rather my tax dollars went to other things as well, but things don’t work that way.

And everyone knows that it was the alien lizard people who pulled off 9/11–they just looked like the Saudi’s. C’mon.


5

Don’t left Rick has been donating to Progressive groups ever since he unloaded MB.


1