According to reports by three people informed about the matter, the New York City unit of WeWork that is responsible for managing on- demand office rentals experienced a small round of job cuts just hours post the company announced its decision to delay initial public offering.
According to two of these people, less than 10 employees in the WeWork Now division were affected by the dismissals, while citing regulatory restrictions that surround the IPO, a spokeswoman for the company refused to make any comments.
The criticism surrounding the company with respect to its corporate governance and financial discipline pushed the parent company of WeWork, We Co. to postpone the IPO, amid this chaos, latest comes this news of the staff cuts.
Currently, the company has an employee base of 12,000 workers. In spring, WeWork had laid off as many as 300 employees and hinted that it might go on a spree of hiring in the coming time. However; with the dismissal of employees this Tuesday, spending reduction seems to be on the company’s mind.WeWork Now, as it is called now before which it had been name Made by We, is the first hybrid space that incorporates co- working and retail; was opened by We Co. this year. In WeWork Now, customers can enjoy shopping merchandise that has been made by WeWork customers along with coffee and food offered by Bluestone Lane. The other experiences provided by WeWork Now include hosting talks with entrepreneurs and authors. In case a person wants to book a conference room or desk, a membership is not mandatory for them. The charges applicable start from $6 for half an hour and for an entire day, a charge of $65. New York’s Flatiron district is the only location which has WeWork Now.
Gaurang Taylor is an MD/MBA candidate at the Johns Hopkins School of Medicine and Harvard Business School. He contributes regularly to CardioSource World News and Emergency Physicians Monthly. He is interested in developing scalable, tech-based solutions for medicine and education. He loves to share his knowledge and recent trends in the Healthcare Department by posting various articles. He has experience in medical device pathways and is passionate about understanding the human body.