Start-Ups Are Pummeled in the ‘Great Unwinding’ - The New York Times
Start-Ups Are Pummeled in the ‘Great Unwinding’ - The New York TimesStart-Ups Are Pummeled in the ‘Great Unwinding’ - The New York TimesPosted: 01 Apr 2020 11:45 AM PDT SAN FRANCISCO — After a crush of travel cancellations in March, WanderJaunt, a short-term home rental start-up in San Francisco, laid off 56 of its 240 employees last week.Demand for services from Wonderschool, a start-up that helps people find day care and preschool providers, dropped by half, leading it to cut most of its 60-person staff.And at ClassPass, which offers a membership program for fitness classes, over 95 percent of revenue evaporated in just 10 days as studios and gyms around the world shut down. To survive, the start-up slashed spending, froze hiring and rushed to build a video streaming service for virtual workouts."This is the great unwinding," said Martin Pichinson, head of Sherwood Partners, a Silicon Valley advisory firm that restructures failed start-ups. In recent weeks, he said, his fir…
