WeWork may lay off thousands

Daniel Fowler
November 19, 2019

The paper cites "two people with knowledge of the matter" who say the company will lay off up to 4,500 employees this week.

As many as 6,000 employees could be laid off, a source told the Times.

The company could cut 2,000 from a staff of 2,500 in its core business and another 1,000 from non-core businesses as they get sold or shutdown, according to the Times.

The company dropped the idea of going public in late September after investors showed apprehension by looking at the company's losses, raising questions about the corporate governance of the company.

WeWork rents out workplace areas to start out-ups, freelancers, and enterprises by investing in actual property in a number of the most expensive markets all over the world. But it is not clear how far the plan, which rests on selling billions of dollars of new WeWork bonds to investors, has progressed.

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WeWork's quarterly financials and the reports of an employee layoff comes shortly after the Company ousted its former Chief Executive Officer Adam Neumann.

As part of his separation agreement with the company, Neumann has the right to name both a director and a non-voting observer to WeWork's board while it remains private, Fast Company's Katrina Brooker reported on Monday .

During the recent tumult at the company, employees formed a group, the WeWorkers Coalition, that, among other things, is pressing for severance packages for departing employees that it considers equitable.

The new report also mentions that in a meeting between SoftBank officials and top WeWork managers last week, SoftBank CEO Masayoshi Son said he wanted WeWork known for its huge losses and massive cash burn to be profitable by 2021. But employees who choose not to transfer will lose their jobs and receive no severance, according to a document provided to employees that was reviewed by The Times.

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