WeWork's coding bootcamp Flatiron School has laid off dozens of employees

WeWork

The coding bootcamp Flatiron School was acquired by WeWork in 2017. On Thursday, the school held layoffs.

• WeWork's coding boot camp, Flatiron School, laid off dozens of employees on Thursday in the latest cuts to companies in WeWork's portfolio after the coworking company's failed IPO.
• Around 80 people were given notice on Thursday, according to one source familiar with the cuts.
• WeWork acquired the Flatiron School for $28 million in 2017.
• Click here for more BI Prime stories.

WeWork's coding boot camp, Flatiron School, laid off dozens of employees on Thursday as the coworking giant slashes costs following its failed IPO.

Less than 75 people were given notice on Thursday, according to one source familiar with the cuts. WeWork acquired the Flatiron School for $28 million in 2017.

Complimentary Tech Event

Transform talent with learning that works

Capability development is critical for businesses who want to push the envelope of innovation.Discover how business leaders are strategizing around building talent capabilities and empowering employee transformation.Know More

One employee who got laid off on Thursday said the cuts were framed as a restructuring, and the employees at Flatiron School's headquarters were hit the hardest. Employees were told that the company is focusing on profitability in 2020, though it spent 2019 focusing on scaling, the person said, and had recently hired a bunch of new people and added new teams.

"Delivering a transformative educational experience is core to Flatiron School's mission. While we have expanded our campus footprint over the past two years, our focus going forward is on optimizing our impact within existing markets," a Flatiron School spokeswoman told Business Insider. "Today, we made some organizational changes to align with this strategy."

Layoffs at Flatiron School come after weeks of financial chaos and uncertainty at WeWork, which withdrew its plans for an IPO in late September following controversy over cofounder and CEO Adam Neumann and the lack of corporate governance outlined in the company's IPO registration.

The company announced on October 11 that its private elementary school WeGrow would close its doors at the end of the school year.

Other companies under the We Company banner, such as its living space WeLive, have cancelled planned projects in response to the turmoil.