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is planning on laying off up to 4,000 employees following its funding rescue by , according to the .

The company employs about 15,000 people, according to . WeWork is also planning on prioritizing its operating in the United States, European and Japanese markets, while scaling back in China, India and Latin America, FT reported.

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The planned cuts and possible building closures come on the heels of turmoil at the company.

On Tuesday, WeWork announced that Softbank would take control of the company, giving it $5 billion in new financing, a tender offer of up to $3 billion for existing shareholders and speeding up an existing commitment to fund $1.5 billion for WeWork. SoftBank will have an 80 percent stake in WeWork.

Meanwhile, SoftBank is paying former CEO Adam Neumann $1.7 billion to leave. Specifically, SoftBank is paying him up to $970 million for his shares, a $185 million consulting fee and $500 million in credit, according to .

WeWork did not immediately respond to a request for comment.

New WeWork executive chairman wrote in a memo to employees that there would be layoffs but did not specify how many positions would be cut, according to the Financial Times.

鈥淵es, there will be lay-offs–I don鈥檛 know how many–and yes, we have to right-size the business to achieve positive free cash flow and profitability,鈥� Claure wrote in the memo obtained by FT.

An earlier report from the said WeWork delayed layoffs because it didn鈥檛 have the cash on hand to pay employees鈥� severances.

The layoffs cap off a turbulent time at WeWork–a botched IPO, a slashed valuation, an executive departure, and being on the brink of bankruptcy. You can read more about the timeline of WeWork鈥檚 woes here.

What鈥檚 next for WeWork isn鈥檛 clear. The company unraveled so fast that it鈥檚 been hard to keep up. Stay tuned for more coverage.

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