WeWork is slashing nearly 20% of its workforce, embarking on a painful restructuring of its money-losing operation that doomed its stock market debut and left the office-sharing company on the brink of bankruptcy.
Back in July, it opened its second office in Durham – WeWork Durham.
Despite WeWork’s woes, local chapter soldiers on to launch new veterans program It opened a third space in Charlotte in August.
“WeWork’s $669 million in bonds that come due in 2025 were trading on Thursday afternoon at a record low of less than 70 cents on the dollar, down from 80 cents earlier this month and WeWork is slashing nearly 20% of its workforce, embarking on a painful restructuring of its money-losing operation that doomed its stock market debut and left the office-sharing company on the brink of bankruptcy.
WeWork said the employees who lost their jobs “are incredibly talented professionals,” but gave no details about which roles were cut.
Outsourcing jobs Additionally, about 1,000 cleaning and maintenance jobs in the U.S. and Canada are being outsourced to another firm that will contract the workers back to WeWork for the time being.
The New York-based company is scaling back the explosive growth that put its sleekly designed shared office spaces in 122 cities around the world while racking up massive losses that ultimately put off Wall Street investors and doomed its IPO. WeWork is shedding side business and dumping or scaling back projects started under the grandiose but scattered vision of ousted co-founder Adam Neumann, including a Manhattan elementary school and the shared residential offering WeLive.
