WeWork owner The We Company disclosed data on Friday that showed expansion of it...
NEW YORK - WeWork owner The We Company disclosed data on Friday that showed expansion of its office-sharing business was almost doubling in size from a large pipeline of leases even as the money-losing company plans to slash costs and reduce its headcount.
The data showed that as of the third quarter WeWork planned to add 450,000 desks through leased locations that have not yet opened, which would represent almost a doubling in size from the 520,000 desks already up and running. Going forward WeWork plans a “disciplined focus on profitable market-share expansion” instead of growing the business “prior to funding commitments,” which the presentation said occurred from 2017 to September 2019 under Neumann.
The presentation said WeWork plans to divest seven non-core businesses - Conductor, the Wing, Managed by Q, Meetup, SpaceIQ, Teem and Wave Garden. The units organize meetings, provide facilities and workplace management, and marketing.
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