"As part of WeWork's renewed focus on our core workspace business, we will close Spacious, an on-demand offering in New York City, on December 31, 2019," the representative said. The decision is part of WeWork's broader attempts to refocus on its core business after the company's failed attempt at an initial public offering earlier this year, a representative said in a statement. Spacious CEO Preston Pesek announced the closure to employees at an all-hands meeting on Wednesday evening, a current employee told Business Insider. WeWork is shuttering its coworking subsidiary Spacious and laying off all the startup's approximately 50 employees, the company confirmed to Business Insider on Thursday. Visit Business Insider's homepage for more stories.WeWork announced in October that it would also close its private elementary school, WeGrow, after the school year.In September, intense scrutiny of WeWork's finances and leadership forced it to cut its valuation to as low as $10 billion from $47 billion, remove its cofounder Adam Neumann as CEO, and delay its IPO indefinitely. All of Spacious' approximately 50 employees were let go.WeWork is shutting down Spacious, the restaurant-based coworking subsidiary it acquired just weeks after it filed its paperwork for an initial public offering, the company confirmed to Business Insider on Thursday.Account icon An icon in the shape of a person's head and shoulders.
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