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WeWork is reportedly planning to layoff at least 4,000 people as part of a major restructure


Added 11-18-19 03:14:01am EST - “The company is recovering from major losses after a failed IPO in September and reported a loss of? $1.25 billion in the third quarter.” - Businessinsider.com

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Posted By TheNewsCommenter: From Businessinsider.com: “WeWork is reportedly planning to layoff at least 4,000 people as part of a major restructure”. Below is an excerpt from the article.

WeWork is planning on laying off at least 4,000 people from its workforce, The New York Times reported on Sunday. 

According to The Times, the company — which is recovering from major losses after a failed IPO in September — is expected to announce the cuts as early as this week. 

A person with knowledge of the matter told The Times that the company's core office-sharing business would slash 2,000 to 2,5000 employees from its global ventures. The source added that around 1,000 maintenance workers will be transferred to an outside contractor and 1,000 employees from noncore businesses will exit the embattled real estate startup.

According to The Times, this exodus represents roughly a third of the company's 12,500 employees. 

A second source with knowledge of the matter said the number of layoffs could be as high as 5,000 or 6,000. 

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