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WeWork Reportedly Delays Layoffs Because It Can not Pay Severance



WeWork, the company.

WeWork Delaying Mass Layoffs Because It Cant Afford Severance ”

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dangerously overleveraged real estate company posing as a cultish tech firm is planning to lay off thousands of employees.

… Just anyhow.

Earlier on Monday, reports Indicated that WeWork investor SoftBank was preparing a $ 5 billion bailout package that may give it 70 percent or higher control of the company at $ 8 billion, a catastrophic case from WeWork's prior claims to worth $ 47 billion . BusinessWeider later reported that staff received emails that will soon be layoffs at the company; Wall Street Journal WeWork has only "weeks" of money left and can not afford to pay severance. SoftBank's offer would cover buying "More than $ 1 billion of stock from existing investors and employees."

In other words, WeWork is so broke that it needs to raise additional funds to fire people. Liz Hoffman Liz Hoffman [bout] [http://en.wikipedia.org/wiki/LotBank] If the bailout package goes through, that will put you in the middle of it $ 8 billion. If a report on Axios is written to be executed by Adam Neumann, CEO Adam Neumann

As CNBC reported SoftBank is not the only one feeling the WeWork pain. Investor JPMorgan Chase, which was awarded $ 3 billion credit facility, could instead "collect nothing for months of work, along with potential losses on its exiting equity and debt investments "SoftBank bailout goes through.


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