The exterior of Soho House New York.
Neilson Barnard
World
Soho House Is Heading Toward Bankruptcy, a New Report Says
Soho House is crumbling—according to GlassHouse Research, at least.
The research company has published a scathing report claiming that Soho House & Co, Inc. has a “broken business model” and “terrible accounting.” The company added that SHCO’s “persistent lack of profits and rising debt levels” have put it in a “precarious situation” that could affect its future viability.
SHCO oversees chic hotels and private members’ clubs across the globe, including Soho House, the Ned, and Scorpios Beach Club. The chain floated in New York at $14 a share less than three years ago but recently dropped to just $5 a share, according to The Times. Once worth $2.8 billion, the business is now valued at $975 million.
GlassHouse Research alleges Soho House is expanding into less affluent cities and increasing the number of memberships, which in turn is reducing its exclusivity and affecting customer service. (It currently has 42 locations and 184,542 members, the report says.) It also purported the company is “hurtling toward financial ruin” and could end up going bankrupt like WeWork.
Shares of the company slumped by 30 percent in intraday trading on Wednesday before closing down 19 percent. Shares then surged 13 percent premarket on Thursday after SHCO spoke out against the report.
“Soho House & Co Inc. fundamentally rejects the recent report published by GlassHouse Research, which contains factual inaccuracies, analytical errors, and false and misleading statements, all designed to adversely impact the company’s stock price for the benefit of the short-seller,” SHCO said in a statement. “The company was not contacted for any comment or clarifications prior to the report being released.”
SHCO added that it is confident in the strength of its business and is focused on executing its strategy. It said that an independent committee was formed in the fall of 2023 to evaluate strategic transactions, some of which may result in Soho House going private.
SHCO plans to share its 2023 results on March 6. It will also issue guidance for this year, with the expectation of continued growth in membership, revenues, and cash flows. GlassHouse Research issued a rebuttal a few hours after the announcement.
“Soho House rejects our report, says it has inaccuracies/errors, but does not list anything,” the company tweeted. “The company also expects growth in its made-up metric adjusted EBITDA, but says nothing about free-cash-flow or GAAP EPS. So, there you have it, more years of actual losses.”
The proof will be in the results, we suppose.
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Former Federal Reserve Governor Kevin Warsh on Tuesday takes the next step to becoming the head of the U.S. central bank with a hearing before the Senate Banking Committee, his confirmation ultimately likely but still embroiled in a dispute over a Trump administration criminal probe of Fed Chair Jerome Powell.
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A gunman who fatally shot a Canadian tourist and wounded more than a dozen others atop a historic pyramid in Mexico on Monday has been identified, according to officials.
Authorities identified the gunman as 27-year-old Julio Cesar Jasso, a Mexican national, according to a state official who spoke anonymously because they were not authorized to discuss the case publicly.
Jasso later died by suicide after turning the gun on himself, and security officials found a gun, a knife and ammunition. Authorities said he acted alone, with the State of Mexico government confirming he was the sole assailant on Monday night.
Officials said seven of the victims were struck by gunfire, while others were hurt in the chaos as people scrambled to get down from the pyramids, with some falling during the panic.
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The Pyramid of the Moon and the Pyramid of the Sun are seen along with smaller structures lining the Avenue of the Dead in Teotihuacan, Mexico, on March 19, 2020. A gunman killed a Canadian tourist and injured several others before taking his own life at the popular site, authorities said Monday. (Rebecca Blackwell/AP)
Those hospitalized included tourists from several countries, among them the United States, Colombia, Russia, Brazil and Canada, authorities said. The victims ranged in age from 6 to 61.
Footage circulating in local media appears to show the suspect positioned atop the structure as visitors rushed for safety below, with gunfire echoing across the site.
Police and forensic workers stand on a pyramid after authorities said a gunman opened fire in Teotihuacan, Mexico, Monday, April 20, 2026. (AP Photo/Eduardo Verdugo)
The Teotihuacan complex, located just outside Mexico City, is one of the country’s most visited archaeological landmarks, drawing millions of international visitors each year to its towering pre-Hispanic structures.
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The shooting took place shortly after 11:30 a.m. when dozens of tourists were at the top of the Pyramid of the Moon.
Security measures at the site have changed in recent years, with routine entry screenings no longer consistently in place, according to a local guide.
Mexican President Claudia Sheinbaum wrote on social media that the shooting would be investigated and that she was in touch with the Canadian Embassy.
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“What happened today in Teotihuacán deeply pains us. I express my most sincere solidarity with the affected individuals and their families,” she wrote.
Anita Anand, Canada’s foreign affairs minister, said on X that as a “result of a horrific act of gun violence, a Canadian was killed and another wounded in Teotihuacán” and that her “thoughts are with their family and loved ones.”
People visit the Pyramid of the Sun in the pre-Hispanic city of Teotihuacan near Mexico City, Mexico, on March 21, 2024, following the spring equinox. (Henry Romero/Reuters)
Later in the evening, U.S. Ambassador to Mexico Ronald Johnson also expressed “deep concern” and sadness over the deaths and numerous injuries, and said in a post on X that the U.S. is “ready to provide support as needed while Mexican authorities continue their investigation.”
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The National Institute of Anthropology and History said in a statement that the Teotihuacán archaeological site will remain closed until further notice.
The Associated Press contributed to this report.
Norway has pushed back against criticism from US President Donald Trump over what he described as “zero” European support in the conflict with Iran.
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“NATO is a defensive alliance. It is not an attack alliance,” Norway’s Foreign Minister Espen Barth Eide told Euronews’ Europe Today flagship morning show.
Eide said NATO members are focused on safeguarding key global trade routes, including keeping the Strait of Hormuz open. “NATO countries are doing something, but it’s not as a party to a conflict,” he added.
Trump has repeatedly criticised NATO allies for not backing Washington in the Iran conflict. He raised the issue again during a White House meeting earlier this month with NATO Secretary General Mark Rutte.
Eide argued that there had been no prior preparation or consensus within the alliance. As a result, there is “very limited appetite” among member states to join the war.
He said that while both the US and Iran may have reasons to end the conflict, “the sides are far apart”, with negotiations hindered by opposing demands.
On Monday, Trump said the United States would maintain its blockade of Iranian ports until Tehran agrees to a peace deal.
Still, Eide pointed to signs of “some progress”, noting the broader global impact of the conflict. “This is not only an issue for the two sides, but it affects the whole world economy,” he said.
Addressing a European diplomatic push to establish a Palestinian state, Eide reiterated support for a two-state solution based on long-standing United Nations principles. However, he acknowledged that such an outcome is “not around the corner”.
He added that a two-state solution is also in Israel’s interest, describing it as “the only viable solution for real peace in a very troubled region”.
Norway, alongside Spain and Ireland, recognised the State of Palestine in 2024.
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