WeWork said on Thursday it is laying off around 2,400 employees, almost 20% of i...
NEW YORK - WeWork said on Thursday it is laying off around 2,400 employees, almost 20% of its workforce, as the office-sharing company seeks to drastically cut costs after it transformed from a Wall Street darling into a pariah in a matter of weeks.
“As part of our renewed focus on the core WeWork business, and as we have previously shared with employees, the company is making necessary layoffs to create a more efficient organization,” a company spokeswoman said in a statement. Some employees who were laid off on Thursday laughed and took selfies as they exited the building. “I’m feeling relieved, it’s been a stressful time,” a former employee said.
The groups affected by the layoffs include WeWork’s architecture unit, which has helped curate WeWork’s distinctive shared office spaces known for their modern design, and its technology department, among which are coding and software teams, according to people familiar with the matter. In the aftermath of the announcement, WeWork’s junk bond due in 2025 fell 1.125 cents on the dollar, sending its yield back to near a record high above 16%.
As part of the restructuring, it is closing or selling peripheral businesses that it set up, including its private elementary school after the current school year.
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