The Wing has cut about half of its 150 full-time staff members and nearly all of its 300 hourly employees, Vice first reported. The co-working company and social club designs space and provides amenities with women’s needs in mind.
- Worth Noting: The founders said that 95 percent of revenue had disappeared overnight, and they “simply don’t know when or even if we’ll be able to reopen again.”
- Private valuations are fickle: The Wing was valued at roughly $365 million in 2018, before reality entered the co-working space following WeWork’s failed IPO. WeWork recently sold its stake in the Wing at a valuation of around $165 million, Bloomberg noted.