WeWork said it will begin job cuts "in earnest" this week in the U.S., a bid by the struggling office-sharing startup to stabilize its business amid staggering losses.
Executive Chairman Marcelo Claure told staff in an email Monday that the process, which will involve eliminating and scaling back some functions and responsibilities, "will make us stronger and better able to generate even more opportunities over the coming months and years."
Soon after withdrawing its registration for an initial public offering in September, WeWork told staff to brace for extensive job cuts. People familiar with the matter have said they could total about 2,000 or some 16 percent of the global workforce. Some of those cuts have already begun.