In The Loop: WeWork Eyes IPO (Again), Industrious Goes International, And Knotel

WeWork’s CEO, Sandeep Mathrani, has said that the company is on track to reach profitability in 2021 and that it might seek an IPO once it is profitable.

WeWork Eyes IPO Again

Bloomberg reported this week that WeWork may revisit plans for an initial public offering once it becomes profitable. According to the report, “WeWork is on track to turn profitable in 2021”. Since its failed IPO attempt last year, the coworking company has renegotiated leases, laid off thousands of employees, and replaced management in the hopes of cutting costs. CEO, Sandeep Mathrani said during a recent call that “when the IPO happens, all of WeWork’s units and franchisees around the world will roll into the parent as per existing agreements, Mathrani said. The startup’s valuation has tumbled more than 90% from its peak of $47 billion.”

Industrious to Open First International Location

Industrious announced this week that it has partnered with SIN Capital, a Singapore-based Pan-Asian multi-asset professional investment firm, to operate a 30,000 square feet flexible workspace location in Orchard Hills, a luxury healthcare hospitality development in Singapore. The workspace location will span across three floors of the mix-use development. The partnership marks Industrious first international foray. According to the release, the agreement was brokered by Colliers International. 

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Knotel Cuts Staff and Aims to Further Reduce Its Footprint

Commercial Observer reported this week that “Knotel  laid off more staff today — the second round of cuts since the coronavirus pandemic started — and plans to give back even more of its portfolio.” According to the report, the flexible workspace company cut around 10% of its workforce. CEO Amol Sarva told Commercial Observer that the company is planning to give back more of its US portfolio as it shifts its focus to the European and Japanese markets. Over the course of the pandemic, Knotel has been hit with various lawsuits from property owners across the United States for failing to pay rent. 

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