Culture

WeWork Will Likely Lay off Thousands in the Wake of Heavy Losses

The latest in the company’s ongoing efforts to stabilize.

By
494 Hypes

WeWork Will Likely Lay off Thousands in the Wake of Heavy Losses

The latest in the company’s ongoing efforts to stabilize.

Following a rollercoaster of success and subsequent losses, WeWork is planning to lay off 4,500 to 6,000 of its 12,000 employees, according to a report by The New York Times. The once rapidly expanding company confidentially filed for an IPO back in April 2019, and was once valued at $47 billion USD. However, WeWork was forced to withdraw its IPO after a series of pricey expansions helmed by co-founder and former CEO Adam Neumann resulted in massive losses — according to the Times, the company suffered a blow of $1.25 billion USD during the last three weeks of September.

In a bid to stabilize its finances, WeWork will lay off 2,000 to 2,500 employees from its subletting office division. The remaining two thousand will be split between the company’s “noncore businesses,” and its force of building maintenance workers. “These actions will make us stronger and better able to generate even more opportunities over the coming months and years,” Executive Chairman Marcelo Claure reportedly wrote in an email to employees. Additional information will be shared at a meeting that was pushed from Tuesday to Friday, November 22.

Stay tuned as updates emerge later in the week.

Read Full Article
Source
The New York Times

What to Read Next

Hello Kitty x Herschel's New Holiday Collection Is the Cutest Way to Travel
Fashion

Hello Kitty x Herschel's New Holiday Collection Is the Cutest Way to Travel

Take Sanrio’s beloved cat on-the-go.
22,700 Hypes

How Does a Theragun Massager Work to Relieve Muscle Pain?
Health

How Does a Theragun Massager Work to Relieve Muscle Pain?

Here are some tips on how to operate the self-massage device.
3,278 Hypes

Ivory and Grey Are Predicted to Be the Dominant Color Trends in 2020
Fashion

Ivory and Grey Are Predicted to Be the Dominant Color Trends in 2020

As reported by Moda Operandi.
2,447 Hypes


BTS' 2019 Grammy Awards Outfits Will Be on Display in the Grammy Museum
Music

BTS' 2019 Grammy Awards Outfits Will Be on Display in the Grammy Museum

The exhibit opens on November 20.
1,225 Hypes

PUMA's Final Collection with Sophia Webster Is an Exotic Take on Streetwear
Fashion

PUMA's Final Collection with Sophia Webster Is an Exotic Take on Streetwear

Where sporty silhouettes meet street style fashion.
2,874 Hypes

More ▾
 
Subscribe to our Newsletter

Keep updated on the latest news.

By subscribing, you agree to our Terms of Use and Privacy Policy.