WeWork to close its New York elementary school next year- MyTwinTiers.com
NEW YORK (AP) — WeWork will close the school it opened last year in New York with the lofty goal of promoting “conscious entrepreneurship” as the office-sharing company retrenches following its botched attempt to sell its stock on Wall Street.
The “WeGrow” elementary and preschool in Manhattan will close at the end of the 2019-2020 school year, the company said Friday.
It’s WeWork’s first publicly announced cost-cutting step since it scrapped plans last month for an initial public offering of stock. The company abandoned the IPO after it generated tepid interest from investors worried about WeWork’s massive losses and corporate governance problems.
The stock-sale debacle posed an urgent funding problem for WeWork. It had hoped to raise $3 billion in the IPO, which would have unlocked ...