WeWork Continues Downward Spiral With $1.25 Billion in Losses for 3Q 2019
CTech – Spiraling-out-of-control co-working space company WeWork lost $1.25 billion in the third quarter of 2019, more than double its $497 million in losses recorded during the same period last year, The New York Times and Bloomberg reported Wednesday. Several hours later, Reuters reported additional details, stating WeWork, which rebranded as the We Company earlier this year ahead of its disastrous attempt to go public, opened 97 new sites and expanded to 16 additional cities during the quarter, its biggest quarterly expansion to date.
The presentation was published amidst reports of global layoffs from WeWork and its subsidiaries, most recently in New York. Last week, Calcalist reported, citing one person familiar with the matter who spoke on condition of anonymity, that about half the employees of New York-based WeWork subsidiary Flatiron School Inc., which develops online coding courses, were being called in for meetings and handed their notices.