Report: WeWork plans massive layoffs

A WeWork sign hangs on a building, Monday, Sept. 30, 2019, in New York. WeWork says it is withdrawing its initial public offering less than a week after its …

A WeWork sign hangs on a building, Monday, Sept. 30, 2019, in New York. WeWork says it is withdrawing its initial public offering less than a week after its controversial CEO stepped aside from the troubled company. (AP Photo/Mark Lennihan)

by: KXAN Staff

Posted: Nov 18, 2019 / 05:28 AM CST

Updated: Nov 18, 2019 / 06:03 AM CST

AUSTIN (KXAN) — Thousands of layoffs could be coming for workers at a national start-up with several offices here in Austin, according to a report from the New York Times.

Two sources told the Times Sunday night WeWork, the commercial real estate company that provides shared workspaces for technology startups, could cut up to 4,000 jobs as early as this week. Of those jobs, 2,500 could come from its main office-space renting business.

Last week WeWork told investors it lost $1.25 billion in revenue in the third quarter of this year. The company has a half-dozen offices in the Austin area including one at sixth and Congress.

Currently, WeWork is not commenting on the Times report.