WeWork is looking to cut costs
WeWork is reportedly looking to cut costs during the turmoil surrounding its delayed initial public offering and the resignation of cofounder Adam Neumann from his CEO position.
Selling its stake in The Wing could bring WeWork millions of dollars.
Read more: The WeWork IPO fiasco of 2019, explained in 30 seconds
The Wall Street Journal reported on September 24 that WeWork's new co-CEOs, Artie Minson and Sebastian Gunningham, wrote in an email to employees that they planned to "closely review all aspects" of the company and that staff should expect "difficult decisions ahead."
WeWork, the 9-year-old coworking-space startup, publicly filed for its IPO in August as part of The We Company; the IPO has since been shelved.
WeWork and The Wing
WeWork led a $32 million series B funding round for The Wing in November 2017; at the time, it was WeWork's largest investment to date.
The Wing cofounder Audrey Gelman also called this funding round one of the largest series B fundraising efforts by female founders ever at that time.
The Wing was connected to WeWork through its advisor, SoulCycle founder Julie Rice. Rice became WeWork's chief brand officer in November 2017, according to Fast Company; she left WeWork in August, The Real Deal reported.
Jennifer Berrent, a Wing board member, is also WeWork's co-president and chief legal officer.
A coworking space for women
On its website, The Wing calls itself a company keen on "advancing women by gathering them together" through "a network of work and community spaces designed with you in mind."
The Wing currently has eight locations across the US, and it has plans to open five new locations in 2019 and 2020. The Wing is opening its first international location this fall in London.
Membership at The Wing starts at $185 per month. Amenities at The Wing's first location in the Flatiron District of New York City include a roof deck, cafe, and beauty room.
Becky Peterson contributed to this report.
