Wednesday 20 November 2019
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todayonline - 12 days ago

WeWork to divest all non-core businesses

The We Company, owner of office-space sharing company WeWork, disclosed on Friday it will divest all non-core businesses and reduce headcount across its ventures as part of a 90-day plan. In an investor presentation dated Oct. 11, but made public on Friday, the company said the non-core businesses being divested include Meetup, The Wing, and Space IQ. ( The company which said it had reached 580,000 memberships as of third quarter, excluding India, expects the job cuts to occur across its ventures, general administrative, and growth-related functions. WeWork in September withdrew its initial public offering after the SoftBank-backed startup ousted founder Adam Neumann as its chief executive officer. The company had failed to excite investors who raised concerns about its burgeoning losses and a business model that involves taking long-term leases and renting out spaces for a short term. The company said on Friday it would have proven executives in its membership-focused, subscription-based businesses. WeWork will now focus on its enterprise customers, instead of small and mid-sized businesses which include start-ups. REUTERS

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