Convene

Convene, a company in the workplace and hospitality industry, laid off a number of its team members this week as part of a reassessment of its organizational structure. The decision, described as incredibly tough by CEO Ryan Simonetti, was driven by the need to position the business for future growth in a challenging and dynamic macroeconomic environment. While the exact number of employees affected and the total workforce size were not specified, the layoffs reflect a strategic shift. Simonetti expressed regret, noting in hindsight that the company would have ramped up more slowly post-pandemic and been more cautious with R&D investments in certain areas. The company is offering support and seeking to connect the impacted individuals, who were instrumental to its culture and success, with new opportunities.

Convene, a New York City-based provider of flexible office space, laid off 150 employees last month, representing 18% of its workforce. The company had already closed all of its physical locations due to the impact of the coronavirus pandemic, which has severely affected the coworking industry. This move aligns with similar layoffs at other coworking startups like WeWork, Knotel, Industrious, and The Wing, as the sector grapples with reduced demand for shared office spaces amid widespread remote work and economic uncertainty.