NEW YORK — WeWork says it will divest from several side business and job cuts across several units as part of a 90-day plan to turn around its business following its botched attempt to sell stock on Wall Street.
The office-sharing company revealed the plans Friday in a presentation that was first shared privately with investors in October. The businesses WeWork will sell off include the online event organizer Meetup and its stake in the woman-focused co-working company The Wing.
The presentation showed that WeWork pressed on with its rapid expansion even as its initial public stock offering unraveled, a crisis that forced the ouster of its co-founder Adam Neumann. In the third quarter of 2019, WeWork added a record 108,000 desks in newly built office spaces.
The Associated Press