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WeWork leaves 40 US locations after low revenue predictions

WeWork Layoffs
Posted at 2:46 PM, Nov 10, 2022
and last updated 2022-11-10 16:46:01-05

WeWork Inc. has predicted that it will not perform well in its fourth-quarter.

Leadership said they decided to leave 40 locations in the United States following the below expected forecasts.

The company provides workspaces for those who don't go to a traditional office.

WeWork has to deal with high expenses and a strong U.S. dollar, contributing to the predicted loss in profits, Reuters reported.

The company does not own its buildings, but instead leases office space, partitioning it out to clients, the New York Times reported.

The closures are expected to reduce revenue while also reducing overhead costs.