A WeWork logo is seen at a WeWork office in San Francisco, California, U.S. September 30, 2019. REUTERS/Kate Munsch
October 2, 2019
(Reuters) – WeWork’s parent The We Company’s new management team is considering curbing its expansion plans in China as part of the company’s new emphasis on controlling costs, the Wall Street Journal reported, citing people familiar with the matter.
After the company’s decision to withdraw its initial public offering and the recent departure of its founder Adam Neumann as Chief Executive Officer, We Company is currently looking to trim its workforce and slow down its expansion in order to burn through less cash and be less dependent on fresh funding.
The We Company did not immediately respond to a Reuters request for comment.
(Reporting by Shanti S Nair in Bengaluru; Editing by Muralikumar Anantharaman)
