For years, WeWork’s parent company was defined by big spending as it relentlessly pursued rapid growth. Now, in the aftermath of a botched initial public offering attempt and the ouster of co-founder and chief executive Adam Neumann, it is facing a different reality: It needs to stop bleeding cash, the Wall Street Journal reported. We Co. said yesterday that it would file a request with the Securities and Exchange Commission to withdraw its IPO proposal. The company said that it is postponing the offering to focus on its core business and that it has “every intention to operate WeWork as a public company” but didn’t provide a time frame. To cut costs, the company’s new co-CEOs, Sebastian Gunningham and Artie Minson, are planning thousands of job cuts, putting extraneous businesses up for sale and purging some luxuries from the previous CEO, such as a G650ER jet purchased for more than $60 million last year.
