WeWork Cutting 30% Of its Staff

WeWork will reportedly layoff 30% of its staffers, or 4,000 jobs, just after approving a bailout from its largest backer SoftBank.

Around 1,000 of those positions will impact the maintenance staff as cleaning operations will be outsourced going forward. Currently, the company employees around 12,500 people.

The bailout deal involved SoftBank taking up an 80% stake in the coworking company, as well as paying former CEO Adam Neumann $1.7 billion to step down from the firm’s board. He will maintain his role as “board observer.”