Pinterest will pay nearly $100 million to consolidate its office space as part of its newly announced restructuring efforts, as detailed in a recently filed Securities and Exchange Commission filing.
The company plans to close its offices at 505 Brannan Street. and 149 Bloxom Street. in San Francisco but maintains its corporate headquarters at 651 Brannan Street.
That’s in addition to laying off 4% of workers — the company began laying off workers in February.
The new plan will support the company’s strategy, improve efficiency, and position the business in light of the ongoing macroeconomic environment, said the filing. The costs will be primarily associated with negotiating the termination of leases.
“We made the decision to strategically limit our square footage to select locations to better align how we choose Pinterest employees to work with our goals for business efficiency and sustainability,” said a statement from Pinterest provided to SFGATE.
the San Francisco Business Times reported that the company would not renew its leases for two floors at 410 Townsend St. in December 2022.
Pinterest did not respond to SFGATE’s request for comment as of publication.
The company has about 1,700 employees in the Bay Area, according to LinkedIn.
Pinterest was one of the first major San Francisco tech companies to pay millions to cut back on office space amid the pandemic, and it paid nearly $90 million to end the lease on an office at 88 Bluxome. The company had planned to move some operations to the new building before the pandemic, but after the company pulled out and other legal battles erupted, the building has yet to open.
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