Coworking giant, WeWork, reportedly has a plan “to shore up confidence in its business before it goes public,” the Wall Street Journal reported this week. The company will offer billions of dollars in debt in order to power its growth until it can turn a profit. WeWork is a money-losing business and last year alone it lost almost $2 billion. According to the WSJ, “the huge capital raise even before the IPO reflects the skepticism surrounding well-known companies like Lyft Inc. and Uber Technologies Inc. that have racked up steep losses and gone public with much fanfare but without much trading success.” The same future might await WeWork if it is unable to convince investors that it can be a profitable business.
WorkStrive is a new startup that will turn local gyms and fitness studios into coworking space during the traditional 9 to 5 inWashington DC. Founder Sarah Hostyk described WorkStrive as “Airbnb meets WeWork meets Classpass” to the Washingtonian. A WorkStrive day pass will offer users access to workspace, a fitness class or an hour to use the gym’s machines, all for $36. The gyms and fitness studios will designate a specific area for WorkStrive users, and these spaces will be fitted out with tables, chairs, amenities, and –obviously– wifi.
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Women-focused coworking space, The Wing, announced that it will expand its New York City footprint with two new locations, one in Williamsburg and one in Bryant Park. The news comes after the coworking brand opened spaces in Boston, Los Angeles, and Chicago, as well as after announcing it would expand overseas with a London location. As like other The Wing locations, the upcoming coworking spaces in Williamsburg and Bryant Park will give members access to workspace, meeting rooms, beauty rooms, lactation rooms, showers, lockers, and the company’s signature cafe.