WeWork to divest all non-core businesses


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WeWork to divest all non-core businesses

On Friday, the 8th of November 2019, owner of the leading office sharing start-up, WeWork, a majority stake of which was recently purchased by the Japanese investment conglomerate, SoftBank Corp., had issued a statement saying that the company had reached an accord to divest all of its non-core businesses and to lay off more jobs than it had slated earlier within a timeframe of 90 days.

In point of fact, The We Company’s October 11th presentation that released on Friday (November 10th) came forth a few days after the office space sharing start-up had shelved its IPO having had to fail to excite the investors who were raising concerns on swelling losses alongside a business blueprint involving short-term rents alongside long-term leases.

Besides, in the October 11th presentation for the investors which was made public on Friday (November 8th), the company had added that it was looking to divest some of its non-core businesses including Meetup, The Wing alongside Space IQ.

Besides, the company had also said in its October 11th presentation that it had reached 580,000 membership as of Q3, 2019, almost doubled up the figure the company had at the same time a year earlier excluding India, however, the company had been expecting job slashes across its general & administrative sectors, ventures alongside growth-related functions.