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WeWork Puts Three Businesses Up for Sale

Photo: Photo by Bloomberg

WeWork will try to sell three companies it had acquired in the last few years that handle office cleaning services, group meetups and marketing services, according to two people familiar with the matter. It is a sign that the co-working space provider’s new management is moving aggressively to cut costs and raise cash.

News of the proposed sale comes just one day after co-founder Adam Neumann stepped down as CEO, under pressure from the board. That followed the company’s decision to delay its IPO last week, after the offering got a very cold reception from public market investors. One of the major issues worrying investors was WeWork’s mounting losses. As The Information has reported, WeWork needs to raise cash by next spring although it was expected to also cut costs.

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