WeWork to drop the job axe this week

Ken Martin

Job cuts have been taking place at WeWork over recent weeks as the company tries to stabilize its financial ship.

This week could bring the biggest chunk of cuts, according to the New York Times.

The shared workspace company could reportedly cut at least 4,000 jobs as soon as Tuesday, after heavy losses took the company to the brink of bankruptcy.

The company could cut 2,000 from a staff of 2,500 in its core business and another 1,000 from non-core businesses as they get sold or shutdown, according to the Times.

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Building maintenance workers totaling another 1,000 could be moved to an outside contractor.

In all a third of the firm's 12,500 workers, but sources tell the Times there could be more.

HERE'S WHAT WEWORK IS GIVING SOME LAID-OFF EMPLOYEES

WeWork shelved plans for an initial public offering in late September after investors were put off by the company’s losses and had questions about its corporate governance.

Co-founder and former chief executive, Adam Neumann, stepped down in September.

WeWork's largest outside shareholder, Softbank has announced a plan to bail out the company and reorganize the business.

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WeWork announced last week that it lost $1.25 billion in the last three months.

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