WeWork's Private School, WeGrow Closing Its Doors in 2020

23 2018 shows the Deliveroo Editions kitchen in Lavender. A shared kitchen operator lodged a complaint with the Competition and Consumer Commission of Singapore in July that it had been shut out by Deliveroo and GrabFood

23 2018 shows the Deliveroo Editions kitchen in Lavender. A shared kitchen operator lodged a complaint with the Competition and Consumer Commission of Singapore in July that it had been shut out by Deliveroo and GrabFood

Parent company We Co.is shedding assets and bracing for thousands of job cuts because it's quickly running out of money.

Forbes calculated the steep discount by adding up his $500 million stake in WeWork with the $500 million he has profited from stock sales, and subtracting the almost $400 million in debt he disclosed in the IPO filing of WeWork's parent We Co. But that plan unraveled amid questions about its future profitability.

WeWork is also in talks with longtime financial backers about new financing. The co-working company will need fresh capital by the end of November, FT reported.

WeGrow, which took in children as young as two years old, was founded by Rebekah Neumann, the wife of former WeWork chief executive Adam Neumann who resigned last month. A WeWork representative announced to CNBC that its education school WeGrow will function for the remainder of 2019-20 school year. "As part of the company's efforts to focus on its core business, WeWork has informed the families of WeGrow students that we will not operate WeGrow after this school year", the spokesperson said in a statement.

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WeGrow, where tuition was listed at as much as $48,000 for the 2020-2021 school year, focuses on "elevating the collective consciousness of the world by expanding happiness and unleashing every human's superpowers", according to the school's website.

WeGrow is a for-profit private school that teaches elementary school-aged children and preschoolers starting at age 2.

WeGrow's curriculum now includes mentoring from members of the "WeWork Community". The program includes yoga, meditation, trips to a Staten Island farm and mentorships with WeWork's members.

-With assistance from Gillian Tan and Ellen Huet.

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