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Knotel cuts employees as coronavirus hits flexible office industry - Business Insider

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Flex-space startup Knotel just laid off 30% of workers and furloughed 20%

The company raised $400 million in August at a $1 billion valuation.

The coronavirus is hitting real estate hard as offices across the country temporarily shutter and tenants struggle to pay rent.The company laid off 127 employees – 30% of its workforce – and furloughed 68, which is 20% of its global employee base. The cuts were distributed evenly across Knotel's 17 markets, a spokeswoman said.

Other flexible space companies have cut staff as they close locations and their tenants struggle to pay rent.

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