11/18/2019, 2:45 AM (Source: TeleTrader)
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WeWork to lay off at least 4,000 employees - report

WeWork is preparing to lay off at least 4,000 employees as a part of its cost-cutting initiative, the New York Times reported citing a source familiar with the matter.

The layoffs are expected to start over the next few days and will likely affect up to 2,500 staff from the company's main business, 1,000 employees from units WeWork will sell off or close, while 1,000 workers in building maintenance are set to be transferred to another contractor.

Earlier, WeWork announced it will divest all of its non-core businesses and cut jobs as a part of its "90-day game plan" to cut costs after the struggling coworking space company had to be bailed out by SoftBank.

Breaking the News / NP