An Affiliate of Regus Has Filed for Chapter 11 Bankruptcy
Bizjournals reported this week that, “RGN Group Holdings LLC, the company that operates Regus shared office suites, has voluntarily filed for Chapter 11 bankruptcy protection in the U. S. Bankruptcy Court for the District of Delaware for a segment of its portfolio.” RGN Group operates hundreds of Regus locations and it has cited the increase in work from home practices in response to COVID-19 as one of the reasons behind its struggles, arguing that “the pandemic has severely disrupted business plans and operations for certain locations within the company’s U.S. portfolio.”
Colliers International Launches On-Demand Workspace Service
Globe Street reported this week that Colliers International has launched a new service similar to the coworking ClassPass. The company “has launched an online platform to provide access to more than 5,000 on-demand workspaces across 70 countries.” The platform is called Colliers Mobility Pass and it will allow users to choose from a variety of workspace vendors through a single platform. With many offices sitting empty due to the coronavirus outbreak, Colliers International hopes that their new Mobility Pass can help drive revenue into underutilized or unused coworking space.
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WeWork Restructures Huge London Lease
What was supposed to be one of WeWork’s Flagship deals is now a could have been. Bisnow reported this week that WeWork and a group of institutional investors “have restructured one of its largest global leases, and could need to make payments to cure a covenant breach on a loan secured against a massive London office asset.” The coworking company was supposed to team up with institutions to buy buildings and occupate and manage vacant space; however it failed to live up to that promise, even before the COVID-19 pandemic hit.