It works also CEO Garg of Better.com used remote to lay off 900 staff on a Zoom call.Your loss. I lead a team of ~50 engineers, all remote, and it's one of the most productive teams I've ever led - and you can get great talent from all over, irrespective of geography.
You just need to know how to make it work. It's not just as simple as replicating the way things were done in the office, remotely.