WeWork lays off 2,400 employees
Key Points
  • The beleaguered office-sharing start-up is laying off 2,400 employees in an attempt to right-size the business.

  • The layoffs come after several tumultuous months for WeWork, which were marred by a botched IPO, mounting losses and co-founder Adam Neumann’s resignation.

  • WeWork recently detailed sweeping changes to its business, including divesting noncore ventures.

WeWork is laying off 2,400 employees as it works to cut costs and right-size the business, the company confirmed to CNBC.

In a statement, a WeWork spokesperson said the cuts were being made as part of the company’s efforts to “create a more efficient organization” and refocus on the core office-sharing business. The job reductions represent 19% of WeWork’s total workforce, which amounted to 12,500 employees as of June 30, according to an SEC filing...

   ...more

RSK: I am sure there are more to come.



- - Volume: 7 - WEEK: 48 Date: 11/26/2019 7:55:30 AM -