The deal will lower Lord & Taylor’s parent, Hudson’s Bay Company reduce their high debt levels.
The commercial real estate company WeWork may be looking to lean out its tech department after withdrawing its registration for an initial public offering just over a week ago.
The latest potential shakeup at the company could involve cutting a third of its technology roles, The Information reports. Bloomberg recently reported that WeWork could cut as many as 2,000 jobs by the end of October.
The first round of job cuts would hit the software engineering department, product management staff and data science teams, according to The Information. Citing a person familiar with the matter, the publication said Tuesday that roughly 500 tech jobs could be lost.
Though plans have not been finalized yet, the company would slash 350 roles in its corporate division, and another 150 candidates could be laid off as WeWork looks to sell recently acquired assets, said the report.
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WeWork. (Photo: TIMOTHY A. CLARY, AFP/Getty Images)
WeWork wasn’t immediately available for comment.
The latest news comes less than a month after WeWork’s former CEO Adam Neumann was pressured out of his position at the communal office-space company. He was replaced by Artie Minson, formerly co-president and chief financial officer, and Sebastian Gunningham, formerly vice-chairman.
The new CEOs temporarily shelved WeWork’s initial public offering in late September after the IPO drew lukewarm interest from potential investors who worried about the company’s business model and Neumann’s financial dealings.
Over the past year, the New York-based firm bought the workplace software company Teem and the real estate platform SpaceIQ in an effort to increase its portfolio of physical and digital offerings.
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