WeWork reportedly planning to lay off thousands as it attempts to reverse its fortunes – CNBC

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WeWork reportedly planning to lay off thousands as it attempts to reverse its fortunes – CNBC

Signage is seen at the entrance of the WeWork offices on Broad Street in New York.

David ‘Dee’ Delgado | Bloomberg | Getty Images

WeWork is preparing to cut at least 4,000 jobs in a bid to achieve financial stability and those layoffs could be announced as early as this week, The New York Times reported late Sunday.

The start-up could lay off 2,000 to 2,500 employees in its main office-space renting business, two people with knowledge of the matter told the Times. Another 1,000 staff are expected to leave as WeWork sells or shuts down noncore businesses such as a private school in Manhattan, New York, while another 1,000 building maintenance employees would be transferred to an external contractor, according to the Times.

As many as 6,000 employees could ultimately be laid off, one person told the Times.

WeWork declined to comment when contacted by CNBC.

Last week, WeWork told investors it lost $1.25 billion on revenue of $934 million in the third quarter — losses were up more than 150% from the same period a year ago.

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