Mindbody is the latest company to lay off employees due to the coronavirus pandemic.

The San Luis Obispo-based software-as-a-service company announced Thursday its move to downsize as COVID-19 continues to impact businesses worldwide.

Mindbody said it had to lay off and furlough nearly 700 of its more than 2,000 employees.

Of those 700, about 300 work on the Central Coast.

"We are nothing without our Mindbody community of valued employees, business customers and consumer clientele. After weeks of studying the effect of COVID-19 on our global customers, we have faced the unavoidable truth that our own business is impacted, and we must reduce the size of our team with layoffs and furloughs," read a Mindbody statement sent to KSBY Thursday morning.

Mindbody is one of the biggest employers on the Central Coast. In March, the company reported employing more than 2,000 people. It also has multiple offices around the world.

In the statement, Mindbody said, "We are deeply saddened to take this action and hope to welcome back as many employees as possible once the impacts of the pandemic subside. Our team members are the heart of our business and we are so thankful for each individual that has helped Mindbody in our mission of connecting the world to wellness."

Stollmeyer said he kept people on as long as they could, but ultimately had to make his toughest business decision yet.

He said he's not taking a paycheck himself this year and instead working to focus efforts on supporting remaining customers and furloughed employees.