Page 2 - Wework

Co-founder Adam Neumann bids over $500 million to buy back WeWork

It's not clear how Neumann is planning to line up financing for his bid

WeWork founder Adam Neumann trying to buy back bankrupt company: Report

Neumann's new real estate company, Flow Global, has sought to buy WeWork or its assets, as well as provide bankruptcy financing to keep it afloat, the sources said

Big tech companies likely to continue hybrid mode of work: WeWork India CEO

Companies in the BFSI, media, and consulting sectors have returned to office almost fully, said Karan Virwani

From unicorns to zombies, tech startups run out of time and money

Around 3,200 private venture-backed US firms have gone out of business in 2023

WeWork India adds 2 buildings with over 4K desks in Bengaluru, Hyderabad

Earlier this month, WeWork Inc., the parent company, filed for bankruptcy under Chapter 11 of the US Code in New Jersey

WeWork India likely to buy back 27% from bankrupt global business

While WeWork struggles, Indian firm's valuation has shot up

SoftBank hit with $6.2 bn quarterly loss as WeWork, tech investments dip

Japanese technology company SoftBank Group Corp. racked up a huge loss in the July-September quarter as its technology investments, most notably office-sharing company WeWork, went sour. Tokyo-based SoftBank loss totalled 931 billion yen (USD 6.2 billion) in the last quarter, a reversal from the 3 trillion yen profit it posted in the same period a year earlier. SoftBank has a sprawling investment portfolio and tends to have erratic financial results that fluctuate with market trends. That has been highlighted by the troubles at WeWork, which filed for Chapter 11 bankruptcy protection this week amid turmoil in the US commercial real estate market after the pandemic sent vacancies soaring in major cities like New York and San Francisco. SoftBank holds a nearly 80 per cent stake in WeWork. SoftBank's chief financial officer, Yoshimitsu Goto, sought to allay investor's worries, stressing in an online news conference that the company was still going strong overall, making cautious ...

WeWork bankrupt: What went wrong for world's most valuable startup?

On 7th November, WeWork, the once-dazzling star in the shared office space universe, sought shelter in bankruptcy protection, signalling a sobering checkpoint in its tumultuous journey. >

Former WeWork CEO Adam Neumann remains billionaire despite co's bankruptcy

"It has been challenging for me to watch from the sidelines as WeWork has failed to take advantage of a product that is more relevant today than ever before," Neumann, 44, said in a statement

WeWork appeals to landlords for lease adjustments amid bankruptcy

WeWork managed to renegotiate 590 leases before filing for bankruptcy, saving about $12.7 billion in future rent payments

NYC, San Francisco offices brace for pain from WeWork's bankruptcy

The coworking giant's spiral into bankruptcy hit landlords along the way as it renegotiated and sought to exit many leases

WeWork's bankruptcy proceeding caps swift downfall for $47 billion standout

It caps a wild ride for a company that began with the idea of re-imagining staid offices as fun places to hang out and grew to a behemoth worth $47 billion at its peak

WeWork goes bankrupt after failing to recover from pandemic, failed IPO

WeWork's collapse into bankruptcy is the culmination of a years-long saga for the company, which was once the biggest office tenant in Manhattan

Japan's SoftBank makes another bet on WeWork, hoping landlords will too

WeWork's long-term lease obligations of $13.3 billion accounted for more than 70% of its total debt as of end-June

WeWork India Q1 revenue up 40% to Rs 400 cr on rising demand: CEO Virwani

Co-working major WeWork India's revenue grew by 40 per cent to Rs 400 crore during the first quarter of this fiscal year on rising demand for flexible workspace across major cities from corporates, its CEO Karan Virwani said. The company, which is owned by real estate firm Embassy Group and WeWork Global, has started its 50th centre at Saket in South Delhi, marking its entry into the national capital market. The new centre, comprising 54,000 square feet area and around 700 desks, is located in a commercial building developed by realty firm Eldeco. In an interview with PTI, Virwani said the company has completed six years since it opened the first centre in India and now it has 50 centres and around 90,000 desks across seven cities. "It has been a great journey of growing both the co-working/flexible workspace segment and WeWork India as a brand. In the last three years, since COVID, the adoption of flex space growing significantly," he said. The demand is increasing as more and mor

India biz to have no impact from US WeWork Global's bankruptcy warning

Coworking major WeWork India on Wednesday said its business will have no impact from the development in US-based WeWork Global, which has said "substantial doubt" exists about the company's ability to continue as a going concern. In WeWork India, Bengaluru-based real estate firm Embassy Group hold a 73 per cent stake, while WeWork Global has a 27 per cent shareholding. In June 2021, WeWork Global, which is a leading provider of flexible workspace, invested USD 100 million (about Rs 750 crore) in WeWork India. While announcing its quarterly result, WeWork said, "...as a result of the company's losses and projected cash needs, combined with increased member churn and current liquidity levels, substantial doubt exists about the company's ability to continue as a going concern". WeWork Global has reported a net loss of USD 696 million in the first half of this year. Reacting to the WeWork Global warning, WeWork India CEO Karan Virwani in a statement said, "Since inception, WeWork India

WeWork leases 0.22 mn sq ft office space in Bengaluru to open 3 centres

Co-working major WeWork India has taken on lease 2.2 lakh square feet office space in Bengaluru to open three new centres with a cumulative capacity of 3,600 desks. At present, Bengaluru-based WeWork India has over 6.5 million (65 lakh) square feet of area across 45 locations in Delhi-NCR, Mumbai, Bengaluru, Pune and Hyderabad. The company has taken on lease 95,000 square feet area at Embassy Golf Links Business Park to set up two centres with a combined capacity of around 1,600 desk spaces, WeWork India said in a statement. It has taken 1.25 lakh square feet in Prestige Tech Park Jupiter, located close to Marathahalli with a capacity of 2,000 desks. Nearly 60 per cent of area has been pre-committed, highlighting the strong demand for flexible workspaces. Out of the three, one facility has become operational and the other two would open soon. WeWork India said it has been expanding its footprint in the country since its inception in 2017. Its revenue rose 70 per cent last calenda

WeWork plunges as 'disruptive' CEO change prompts downgrade: Report

Mathrani's departure is the latest blow for WeWork stock, down 79% this year, as the company has struggled to cut costs and drive earnings

WeWork co-founder buys a hip clothing brand, starts a senior center

McKelvey paid $10 million last year for a controlling stake in American Giant, a made-in-the-USA apparel brand that became famous in 2012 for creating a sweatshirt called the greatest hoodie ever made

Wework starts new coworking centre in Pune with 1,500 seating capacity

Coworking major WeWork India has started a new centre in Pune with 1,500 desks and 96,000 square feet area amid rising demand for flexible office space from corporates. The new facility is located at Raheja Woods IT Tower developed by K Raheja Corp. "This is an asset-light deal, and the company has leased the entire building comprising five floors in this Kalyani Nagar property, spread across a deskspace of 1,500," WeWork said in a statement. This is the company's third facility in Pune. Arnav S Gusain, Chief Supply Officer, WeWork India, said, "Pune has offered quality real estate over the years, leading to its emergence as one of the strongest and ideal cities for companies to set up their offices. Spaces such as WeWork India allow companies to plug-and-play within their budget instead of wrestling with office layouts and fit-outs". The company would continue expanding its footprint further, he added. WeWork India has a portfolio of over 6.5 million square feet area across 44 .