WeWork isn’t working. WeWork confirmed Thursday it is laying off 2,400 employees, following a flopped attempt to take the company public with an IPO. Advertisement The office-sharing company confirmed in a statement to CNN Business that it is in the process of laying of 2,400 employees worldwide “to create a more efficient organization.” As of June this year, The We Company — the official parent company of WeWork — employed more than 12,500 employees, according to an August SEC filing. The layoffs will cut more than 19% of the total staff. The company said employees being laid off “will receive severance, continued benefits, and other forms of assistance to aid in their career transition." [More U.S. News] Teen in custody after fatal shooting of beloved Alabama sheriff ‘Big John’ Williams at gas station » “These are incredibly talented professionals and we are grateful for the important roles they have played in building WeWork over the last decade,” WeWork said in a statement to CNN. Most Read The thing about Rudy: Giuliani, a proto-Trump, has long been obsessed with demolishing elites’ echo chambers Can Trumpites ever be convinced? Some of them can’t, but 38% might be swayable JUSTICE STORY: A trail of murder in the Grand Canyon WeWork did not immediately respond to the Daily News for comment. Former reports of upcoming layoffs have been swirling over the past weeks. The New York Times reported Sunday 4,000 would be laid off before WeWork had put an official number to the amount of positions that would be consolidated. [More U.S. News] Supreme Court Justice Ruth Bader Ginsburg out of hospital after battling flu-like symptoms » The layoffs follow after a failed attempt to take the company public. Although it had initial plans to have IPO, the company backed out in early September as questions were raised surrounding the company’s leadership. Former CEO Adam Neumann stepped down from his position in the company in late September, following the announced delay in going public. Late last month, The We Company received $1.5 billion in funding from Softbank, along with $5 billion in new financing and another prospective offer of up to $3 billion for shareholders, according to a statement. WeWork laying off 2,400 employees worldwide, company confirms
WeWork laying off 2,400 employees worldwide, company confirms
WeWork isn’t working. WeWork confirmed Thursday it is laying off 2,400 employees, following a flopped attempt to take the company public with an IPO. Advertisement The office-sharing company confirmed in a statement to CNN Business that it is in the process of laying of 2,400 employees worldwide “to create a more efficient organization.” As of June this year, The We Company — the official parent company of WeWork — employed more than 12,500 employees, according to an August SEC filing. The layoffs will cut more than 19% of the total staff. The company said employees being laid off “will receive severance, continued benefits, and other forms of assistance to aid in their career transition." [More U.S. News] Teen in custody after fatal shooting of beloved Alabama sheriff ‘Big John’ Williams at gas station » “These are incredibly talented professionals and we are grateful for the important roles they have played in building WeWork over the last decade,” WeWork said in a statement to CNN. Most Read The thing about Rudy: Giuliani, a proto-Trump, has long been obsessed with demolishing elites’ echo chambers Can Trumpites ever be convinced? Some of them can’t, but 38% might be swayable JUSTICE STORY: A trail of murder in the Grand Canyon WeWork did not immediately respond to the Daily News for comment. Former reports of upcoming layoffs have been swirling over the past weeks. The New York Times reported Sunday 4,000 would be laid off before WeWork had put an official number to the amount of positions that would be consolidated. [More U.S. News] Supreme Court Justice Ruth Bader Ginsburg out of hospital after battling flu-like symptoms » The layoffs follow after a failed attempt to take the company public. Although it had initial plans to have IPO, the company backed out in early September as questions were raised surrounding the company’s leadership. Former CEO Adam Neumann stepped down from his position in the company in late September, following the announced delay in going public. Late last month, The We Company received $1.5 billion in funding from Softbank, along with $5 billion in new financing and another prospective offer of up to $3 billion for shareholders, according to a statement. WeWork laying off 2,400 employees worldwide, company confirms
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