WeWork says its commitment to Australia is ‘unwavering’ after US parent files for bankruptcy
Shared office provider WeWork says it is “business as usual” for its Australian operations, even after the US parent filed for bankruptcy as debts mounted and office vacancies increased around the world.
The former high-flying New York-headquartered company operates in 15 Australian locations as part of its global portfolio spread across more than 30 countries.
Continue reading...As company warns of ‘substantial doubt’ over its future, experts say consequences for commercial landlords could be dire
WeWork, the troubled office share behemoth, was once valued at $47bn. On Friday, the company was forced to combine 40 of its shares into one in an effort to keep its stock price above $1 and avoid being delisted from the New York stock exchange.
The dramatic rise and fall of WeWork has been well documented, but as the company warned there was “substantial doubt” it would stay in business, experts suggest the impact for the already troubled commercial property sector could be dire.
Continue reading...Proposal for US office-sharing company would lead to exit of co-founder Adam Neumann
The board of WeWork is meeting on Tuesday to consider a rescue plan worth almost $10bn (£7.7bn) from its biggest investor, Japan’s SoftBank, according to reports.
The proposal would keep the struggling US office-sharing company afloat and lead to the departure of its controversial chairman and co-founder, Adam Neumann.
Continue reading...In latest headache for cash-strapped company, WeWork says it has closed about 2,300 phone booths amid formaldehyde scare
WeWork, the cash-strapped office-sharing company, has a new problem that may prove costly. It has closed about 2,300 phone booths at some of its 223 sites in the United States and Canada after it says it discovered elevated levels of formaldehyde.
The company said in an email to its tenants on Monday that the chemical could pose a cancer-risk if there is long-term exposure.
Continue reading...