WeWork says it’s cutting 2,400 jobs globally
WeWork is slashing nearly 20% of its workforce, embarking on a painful restructuring of its money-losing operation that doomed its stock market debut and left the office-sharing company on the brink of bankruptcy.
In an email to employees this week, Executive Chairman Marcelo Claure said jobs would be eliminated in areas that “do not directly support our core business goals,” referring to WeWork’s main office-leasing operations.Additionally, about 1,000 cleaning and maintenance jobs in the U.S. and Canada are being outsourced to a company that will contract the workers back to WeWork for the time being.
Claure plans to lay out a five-year turnaround plan at a companywide meeting Friday amid employee anger over the mismanagement of a company that until recently was the darling of the start-up world, valued at $47 billion in a private investment round.WeWork was saved from financial collapse with a $9.5-billion bailout from Japanese tech conglomerate SoftBank, which now owns 80%.
In its statement, WeWork said the laid-off employees will “receive severance, continued benefits, and other forms of assistance to aid in their career transition.”
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