SoftBank Officially Walks Out On WeWork
Japanese conglomerate, SoftBank Group, announced this week that it was officially retracting its $3 billion tender offer to coworking company, WeWork. The offer was part of SoftBank’s financial rescue of the company. According to sources, SoftBank retracted its offer because WeWork failed to meet some conditions and because of the ongoing inquiries into Adam Neumann and WeWork. The Japanese conglomerate’s decision is a big blow for WeWork, which has been financially struggling since its failed IPO.
Mass Layoffs in the Flexible Workspace Industry
The COVID-19 pandemic has significantly impacted the flexible workspace industry. This week, many flexible workspace operators reported layoffs in the hopes of cutting expenses to endure the following months. Coworking brands that have recently let go of employees include Industrious, Knotel, Convene, and The Wing.
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COVID-19 Will not Be the Downfall of Coworking
The coworking industry is being hit hard by the coronavirus pandemic. However, the industry is likely to survive and, in fact, thrive in a post-pandemic world. A recent Global Coworking Unconference Conference (GCUC) blog post examines 7 reasons why the coworking industry is not doomed. There is light at the end of the tunnel for coworking and flexible workspaces.