- WeWork is preparing to cut at least 4,000 jobs in a bid to achieve financial stability and those layoffs could be announced as early as this week, the New York Times reported.
- As many as 6,000 employees could ultimately be laid off, one person told the Times.
- In a memo to employees, WeWork Chairman Marcelo Claure confirmed layoffs were coming this week, but did not say how many.
- Last week, WeWork told investors it lost $1.25 billion on revenue of $934 million in the third quarter — losses were up more than 150% from the same period a year ago.
WeWork is preparing to cut at least 4,000 jobs in a bid to achieve financial stability and those layoffs could be announced as early as this week, The New York Times reported late Sunday.
The start-up could lay off 2,000 to 2,500 employees in its main office-space renting business, two people with knowledge of the matter told the Times. Another 1,000 staff are expected to leave as WeWork sells or shuts down noncore businesses such as a private school in Manhattan, New York, while another 1,000 building maintenance employees would be transferred to an external contractor, according to the Times.