WeWork plans to cut 300 employees globally as the coworking giant deals with dwindling cash reserves and the possibility of loan defaults.
The company did not provide details about the cuts, saying only that it was part of its “portfolio optimization” and continuing efforts “to streamline operations,” and that job cuts would mostly be among U.S. staff. In November, WeWork announced it would close 40 underperforming locations in the country and shrink its Dock 72 hub in Brooklyn.
WeWork faced a tumultuous journey to go public in October 2021, after a botched initial public offering in 2019 almost drove it into bankruptcy. Its first full year on the market hasn’t been smooth sailing.