Knotel Layoffs
October 2020
Knotel announced a layoff affecting 20 employees (8% of its workforce) in October 2020. The company operates in the Real Estate sector.
20
8%
Oct 29, 2020
About
Flexible office provider Knotel laid off approximately 20 employees on October 29, 2020, reducing its headcount to just over 250 staff. This cut, representing around 7-8% of its workforce, was driven by a slower-than-expected recovery in office demand during the COVID-19 pandemic. CEO Amol Sarva acknowledged that anticipated market improvements had not materialized, leading to high vacancies in the company's portfolio. As part of its restructuring, Knotel is continuing to reduce its office footprint in an effort to reach profitability by the end of the first quarter of 2021. The company, which achieved unicorn status in 2019, operates in the competitive flex-space industry and had been seeking to raise up to $100 million in funding amid significant financial challenges.
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