WeWork's Claure warns layoffs are coming

This post was originally published on this site

https://i-invdn-com.akamaized.net/trkd-images/LYNXMPEF9M1KT_L.jpg

NEW YORK (Reuters) – WeWork’s new executive chairman Marcelo Claure wrote in a memo to employees on Wednesday that layoffs were in the works at the U.S. office-space sharing start-up following a $9.5 billion rescue financing deal with SoftBank Group Corp (T:).

“Yes, there will be layoffs – I don’t know how many – and yes, we have to right-size the business to achieve positive free cash flow and profitability,” Claure, who serves as SoftBank’s chief operating officer, wrote in the memo, which was seen by Reuters and confirmed by a WeWork spokesman.

Claure also wrote that SoftBank was using WeWork to “reimagine” its headquarters in Tokyo. He added that he was committed to WeWork doing the same across all SoftBank properties around the world, including some of its portfolio companies. 

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Add Comment