WeWork reportedly planning to lay off thousands as it attempts to reverse its fortunes

  • 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.

www.cnbc.com/2019/11/18/wework-planning-to-layoff-thousands-in-cost-cutting-efforts.html

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