Yelp Inc. announced Thursday that it will close its offices in three major US cities, saying, “The future of work at Yelp is remote.”
In a blog post, Chief Executive Jeremy Stoppelman said the online assessment firm will close its “most consistently underutilized offices” in New York, Chicago and Washington DC effective July 29. “Combined, the three offices we are closing saw a weekly average use of less than 2% of available workspaces,” he said.
Stoppelman cited Yelp employee surveys that showed that 86% of respondents said they worked from home most or all of the time, and 87% said working from home made them more effective. He said that since Yelp reopened its offices and allowed employees to enter nine months ago, only about 1% of employees have chosen to enter every day.
“Over time, we came to realize that the future of work at Yelp is a long way off. It’s the best for our employees and for our company,” Stoppelman said, adding that the record-breaking 2021 sales prove “how productive we are in a remote work environment.”
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Stoppelmen added that Yelp’s remote work policy has helped with hiring. saying the company has “seen a surge in candidate applications, with many noting that remote work is part of why they are attracted to the company and the position.”
Yelp has approximately 4,400 employees worldwide. The headquarters in San Francisco and offices in London, Toronto and other places will remain open.
Yelp shares YELP,
are down about 20% so far, about the same as the S&P 500 SPX,