The tech giant will pay nearly $100 million to consolidate its office space in a newly announced restructuring effort.
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Pinterest will pay nearly $100 million to consolidate its office space in a newly announced restructuring effort, as detailed in a recently filed Securities and Exchange Commission filing. The company plans to close its offices at 505 Brannan St. and 149 Bluxome St. in San Francisco but retain its headquarters at 651 Brannan St.The new plan will “support the Company’s corporate strategy, improve efficiency and position the business in light of the ongoing macroeconomic environment,” the filing reads. Costs will primarily be associated with negotiating lease terminations.
“We made the decision to strategically reduce our square footage in select locations to better align how Pinterest employees are choosing to work with our goals for business efficiency and sustainability,” a statement from Pinterest provided to SFGATE said.reported the company would not renew its leases for two floors of space at 410 Townsend St. in December 2022.
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