WeWork parent company We Co. plans to lay off thousands of workers following the recent implosion of the work-space company's initial public offering plans, according to reports late Thursday.
The company is planning to lay off 10% to 25% of its employees to reduce costs, according to Business Insider on Thursday, citing a source familiar with the situation. Earlier reports had pegged the number of layoffs at about 5,000 employees, but 10% to 25% would be between 1,000 to 3,000 employees, Business Insider said. On Monday, We Co. said it would withdraw its IPO plans after its co-founder and chief executive resigned last week.
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