WeWork sells assets of educational arm WeGrow to Rebekah Neumann
WeWork sold certain assets of its WeGrow school to Rebekah Neumann, who founded WeGrow while serving as WeWork's chief brand officer.
Why it matters: It's surprising that an amenable arrangement was reached between WeWork and the Neumanns, given the lingering animosity on both sides. Plus the fact that Rebekah's husband, former WeWork CEO Adam Neumann, recently sued WeWork's controlling investor.
WeWork had a K-4 school? Yup, it sure did. I even visited once and was pretty impressed (as I should have been, given the $42k tuition). WeWork announced that WeGrow would shutter at the end of the current school year, which just ended. Also worth noting is that WeWork just sold Flatiron School, a coding academy, to Carrick Capital Partners.
Details: Neumann purchased the school's curriculum and some of its furniture, but not the WeGrow brand name. Word is that the sale price was well below $1 million.
The bottom line: "Neumann is planning to relaunch the school as Students of Life For Life, or SOLFL, pronounced 'soulful.' She is partnering with former WeGrow teacher Alexandra Duvall to further develop the initiative, which would include a combination of remote and physical learning, Gold says, with an aim to eventually expand the curriculum nationally, and then globally."