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Business

WeWork to lay off 2,400 employees in SoftBank revamp

By
Josh Kosman
Published Nov. 21, 2019
Updated Nov. 22, 2019, 10:56 a.m. ET

Cash-strapped WeWork on Thursday announced it’s laying off or transferring about 20 percent of its workforce, or about 2,400 people.

Those who worked directly for the co-working company will be laid off with four to six months’ severance, based on their tenure, two sources said.

New York-based WeWork reportedly wanted to start layoffs last month but didn’t have the money to cover severance. That was before Japanese investment firm SoftBank came to the rescue on Oct. 23 with a $9.5 billion investment that gave it control of the struggling office rental company.

WeWork will also be outsourcing 1,000 people who work on its janitorial team to an outside vendor that will clean WeWork spaces.

WeWork is divesting itself of businesses it had acquired that have up to 1,000 employees.

The layoffs come amid probes into the company, including allegations of self-dealing by WeWork’s former CEO, Adam Neumann, who stepped down in September after failing to take the company public.

As The Post reported Thursday, WeWork’s latest headache centers on allegations that it rubber-stamped a $42.5 million acquisition of startup Spacious in August by demanding its outside accountants OK the deal without reviewing the financial statements.

The chief legal officer in charge of WeWork’s acquisitions, Jen Berrent, and the chief counsel who signs off on them, Jared DeMatteis, will keep their jobs, sources said.