JUST IN: WeWork in Crystal City to Close

[nitpicker]

https://www.arlnow.com/2021/01/25/just-in-wework-in-crystal-city-to-close/

JUST IN: WeWork in Crystal City to Close

ARLnow.comToday at 10:00am

Coworking giant WeWork is planning to shut down its Crystal City location, according to an email sent to members this morning.

“I am reaching out to regretfully inform you that the WeWork Crystal City location will be closing in the coming months,” said the email, which was shared with ARLnow by a member. “Our last official date of operation is February 28th. This location has stood strong for 5 years, and leaves a historic mark on the legacy of WeWork.”

“We know the last year has been full of surprises and challenges for every person all over the world,” the email continues. “In order to address some of these challenges, it was imperative that we carefully evaluate and right-size our portfolio.”

Amid the pandemic, WeWork has been preparing to take “drastic action” as it pursues the goal of profitability at the end of this year. The company currently has 759 open and coming locations in 119 cities worldwide, according to its website. That’s down from 828 locations at one point last year.

Fueled by massive private investment, WeWork grew at a torrid pace during the second half of the last decade, but as growth stalled its CEO and cofounder was ousted from the company and its planned IPO was scrapped.
(snip)