WeWork planning to layoff at least 4000 employees

WeWork is planning to make redundant at least a third of its staff, according to The New York Times.

Additionally, a source told The Times that WeWork was planning to slash 2,000 to 2,5000 employees from its global ventures. The source added that around 1,000 maintenance workers will be transferred to an outside contractor and 1,000 employees from noncore businesses will exit the embattled real estate startup.

A second source with knowledge of the matter said the number of layoffs could be as high as 5,000 or 6,000.

The announcement will come as part of the company’s five-year plan to completely overhaul the business recovering from the brink of bankruptcy.

A spokesperson for WeWork declined to comment.

The share office-space company is still in a financial flux as just last week it said it lost $1.25 billion in the third quarter.