WeWork said it will begin job cuts “in earnest” this week in the U.S., a bid by the struggling office-sharing startup to stabilize its business amid staggering losses.
Claure said he plans to brief staff about the company’s future on Friday, when he’s expected to tease a five-year plan for WeWork, whose parent company is We Co.After the company’s valuation plummeted from $47 billion to about $8 billion, WeWork is seeking to cut costs and show a path to profitability in order to potentially attempt an IPO again next year. That path, as outlined by the company’s co-chief executive officers, includes selling assets and cutting jobs.
WeWork employees are accustomed to routine firings, unlike at the typical startup in growth mode. The nine-year-old company periodically trimmed the ranks, WeWork has said, to shed underperformers. It
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