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November 21, 2019 06:21 pm
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/b4Klp0SRqM8/wework-to-lay-off-2400-employees-in-softbank-revamp
WeWork To Lay Off 2,400 Employees in SoftBank Revamp
WeWork said on Thursday it is laying off around 2,400 employees globally, as the office-sharing company seeks to drastically cut costs and stabilize its business after it transformed from a Wall Street darling into a pariah in a matter of weeks. From a report: The long-anticipated layoffs are the biggest move yet by Japanese technology investment company SoftBank Group Corp, which is providing a $9.5 billion lifeline and will soon own about 80 percent of its shares, to make sure WeWork refocuses on its core business and on trying to make money. Under co-founder and ex-CEO Adam Neumann, WeWork had become bloated, was diversifying into all kinds of areas -- including setting up a school and running apartment buildings -- and was expanding at a breakneck speed without any clear route to profitability. "As part of our renewed focus on the core WeWork business, and as we have previously shared with employees, the company is making necessary layoffs to create a more efficient organization," a company spokeswoman said in a statement. Further reading: WeWork's 15,000 Employees Are in Purgatory.Read more of this story at Slashdot.
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/b4Klp0SRqM8/wework-to-lay-off-2400-employees-in-softbank-revamp
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