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WeWork’s Chelsea Elementary School Will Close in 2020
WeWork will shut down its WeGrow private school in Manhattan’s Chelsea neighborhood after the current school year, as the company focuses on its main office-sharing business, Reuters reported.
The company is cutting back, including laying off some employees and closing or selling entities that aren’t essential to its core operations as it seeks to avoid running out of cash, reported Reuters. It’s also seeking new financing after scrapping plans for a public offering.
In a statement, WeWork said it will continue to operate WeGrow through the 2019/2020 school year, and that “WeWork and the families of WeGrow students are engaging in discussions with interested parties regarding plans for WeGrow for the following school year.”
WeGrow, which took in children as young as two, was founded by Rebekah Neumann, the wife of former WeWork CEO Adam Neumann. The WeWork co-founder resigned as CEO last month.
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