WeWork Says It Will Divest All ‘Non-Core’ Businesses

WeWork released Friday a “90-day game plan” that details sweeping changes to its businesses, including a divestiture of all “non-core businesses” and a reduction in headcount. CNBC reports: The changes are detailed in a nearly 50-page presentation, which was first put together in October as part of a pitch to investors, but was made public on Friday. WeWork said it plans to divest several of its side ventures, including content marketing platform Conductor, women-focused co-working start-up The Wing, office management platform Managed by Q, Meetup, real estate-focused start-up SpaceIQ, workplace software company Teem and Wave Garden, a maker of wave pools. The company expects job cuts to occur across its ventures, G&A and growth-related functions, but said the community teams, which oversee WeWork’s physical locations, will not be impacted as a result of the move. WeWork plans to focus on the core office-sharing desk business, in an effort to turn around the struggling company, as well as “re-energize employees” and “realign performance incentives.” Specifically, the company plans to turn its focus toward enterprise customers, rather than the small and mid-sized businesses, such as start-ups, that it offered leases to in the past. The company also said that it would be led by “proven executives in membership-focused, subscription-based businesses” moving forward, instead of being primarily “founder-led.”