The covid-19 pandemic is a curse for the working sector as the employees are getting laid off every single day. The companies are taking this as a step for financial stability. Another name added to this list is Co-working company, WeWork with job cuts this Thursday. CEO, Sandeep Mathrani informed the employees of this decision two weeks back. “I want to do it once and know that we have a company we can all move forward with”, he said in a statement.
The sources have also claimed that this will go on until next month with more job cuts. The company’s initiative, WeWork Now will also be put to a halt in the crisis situation. Currently only operating in Manhattan’s Flatiron neighbourhood, it provided the facility to rent seats and desks for as low as $6 for 30 minutes without requiring membership.
A spokesperson from the company confirmed the job layoffs but did not comment on the number or the closure of WeWork Now. He told that they are realigning their functions as per their business priorities. WeWork has had a tough year so far with pulling of IPO and then expelling the co-founder and CEO, Adam Neumann. The revenue generation has further become aa problem with Coronavirus as their customers are not paying rent or not renewing contracts. The company has also been in trouble with its biggest investor SoftBank lately. The road front seems a tough one for WeWork and we can only hope they come out of the crisis sustainably.