SoftBank Won’t Bailout WeWork, Afterall
This week, news broke out that SoftBank may not buy $3 billion of WeWork’s shares from existing investors, which was part of SoftBank’s financial rescue of WeWork following the coworking company’s failed IPO last year. According to sources, SoftBank could back out from the deal due to regulatory probes into WeWork and its former CEO, Adam Neumann. The news could spell trouble for WeWork.
IWG Asks UK Landlords for a Rent Freeze
International Workplace Group (WG) is reportedly approaching UK landlords to ask them for a rent freeze in efforts to mitigate the impact the COVID-19 outbreak might have on its business. According to Bisnow, IWG is asking for a three-month rent freeze starting in April. The company’s shares have also dropped since the coronavirus outbreak to 160p a share, leaving the company valued at £1.4B vs approximately £2.8B last year.
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Some Flexible Workspaces May Be Classes “Essential Businesses”
Businesses around the world are being advised to temporarily close because of the COVID-19 pandemic unless they are classed as essential businesses. In the US, some workspace and virtual office providers are classed as essential businesses if they are registered as a Commercial Mail Receiving Agency (CRMA). This means that unless there is a specific health concern within the center, workspace operators should keep their centers open.Share this article