Pinterest has forked out $89.5m (£67m) to scrap a lease for approximately 490,000 sq ft of office space to be built near its current headquarters in San Fransisco.
The company announced in a statement that it will continue to lease the buildings it currently occupies as its headquarters and ditch its new office plans, in a move that will save the company $440m of future lease payments.
The company said coronavirus has led the company to re-evaluate its workspaces.
Pinterest chief financial officer and head of business operations Todd Morgenfeld said: “As we analyse how our workplace will change in a post-Covid world, we are specifically rethinking where future employees could be based.
A more distributed workforce will give us the opportunity to hire people from a wider range of backgrounds and experiences.”
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