In an effort to cut costs and remediate its underperforming locations, WeWork announced plans for headcount reductions of 300 roles globally.
The locations were singled out for closure because they didn’t meet the company’s design criteria, were obsolete, or were in a market with oversupply.
WeWork’s occupancy hit 72% in Q2, the highest it’s been since the pandemic began and matching the company’s pre-pandemic levels in late 2019.
Daniel Hurwitz has more than three decades of experience transforming public and private businesses in the retail real estate industry.
For December 2021, WeWork’s sales indicate that the company is seeing consistent growth due to increased demand for flexible offices.
SoftBank has officially sold $550 million of its $2.2 billion rescue debt package that it provided WeWork over a year ago.
The agreement between WeWork and SoftBank resulted in an extension of $1.75 billion of total liquidity from February 2023 to February 2024.
On Wednesday, WeWork said it has to revise its Q3 financial statements after discovering that it misclassified some of its public shares.
The report revealed that the coworking giant is not only racking up big losses, but that the now-public company is “hemorrhaging cash.”
For WeWork, which has tried to find stability under its new chief executive, a SPAC may finally give the company the exit it always wanted.