WeWork to Reportedly Lay Off About a Third of Its Workforce

19 Novembre, 2019, 01:32 | Auteur: Auguste Feret
  • Theo Wargo  Getty Images

Through this step, the company is looking to gain financial stability as it continues to pull out all the stops to reverse company fortunes. Furthermore, as many as 1,000 employees working for building maintenance would be transferred over to an external contractor. Additionally, should the company attempt to go public again, the underwriters of the move could block Neumann from naming additional directors, according to the article.

WeWork previously received a Dollars 5.0 Billion bailout from its largest investor, SoftBank. Last week, WeWork told investors it lost $1.25 billion on the income of $934 million within the third quarter - losses had been up greater than 150% from the same interval a year in the past.

Tokyo-based investment firm SoftBank Group Corporation (OTC: SFTBY) acquired an 80% controlling stake in the startup in October. All these figures for losses were up by nearly 150 percent from the same period during the a year ago. Most of these new locations are in a loss and might be depleting the company's cash reserves, which stood at $2 billion by September end. Under its co-founder and former chief executive, Adam Neumann, the company piled billions of dollars into an erratic expansion that included adding huge office spaces in the world's most expensive cities, offering discounts to lure tenants and buying other businesses.

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A WeWork spokeswoman declined to comment, as did Ceresney, who's now a partner at Debevoise & Plimpton in NY. The startup offered discounts to attract potential renters and also acquired other businesses.

As part of his exit agreement with WeWork, Neumann can name a director and a board observer while the company remains private and two more board members if it goes public, according to Fast Company.

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