Business

Yelp is closing offices in New York, Chicago, DC and says the future of work is distant

Yelp Inc. announced Thursday it would be closing its offices in three major U.S. cities, saying, “The future of work at Yelp is a long way off.”

In a blog post, Chief Executive Jeremy Stoppelman said the online ratings company would close its “most consistently underutilized offices” in New York, Chicago and Washington DC effective July 29. “Taken together, the three offices that we are closing experienced a weekly average occupancy rate of less than 2% of available workspaces,” he said.

Stoppelman cited Yelp employee surveys showing that 86% of respondents said they prefer to work from home most or all of the time, with 87% saying working from home made them more effective . He said since Yelp reopened its offices nine months ago and allowed employees to come in, only about 1% of workers have chosen to come in every day.

“Over time, we realized that the future of work at Yelp was a long way off. It’s what’s best for our people and for our business,” Stoppelman said, adding that record sales in 2021 prove “how productive we are in a remote work environment.”

See also: Yelp CEO says abortion rights are a risk worth taking

Stoppelmen added that Yelp’s remote work policy has helped with hiring employees. The company has seen “a sharp increase in applications from candidates, with many noting that working remotely is one reason they are interested in the company and the role.”

Yelp has approximately 4,400 employees worldwide. The San Francisco headquarters and offices in London, Toronto and other locations remain open.

Yelp shares YELP,
+2.08%
are down about 20% year to date, about as much as the S&P 500 SPX,
+0.95%
in 2022.

https://www.marketwatch.com/story/yelp-to-shut-offices-in-new-york-chicago-d-c-saying-future-of-work-is-remote-11656028995?rss=1&siteid=rss Yelp is closing offices in New York, Chicago, DC and says the future of work is distant

Brian Lowry

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