In The Loop: Industrious Buys Breather; The Wing Reopens; And More Industry News

In The Loop: Industrious Buys Breather; The Wing Reopens; And More Industry News
Adam Neumann’s exit package just got a million times better with new terms negotiated. 

Industrious Buys Breather Assets 

The Globe and Mail reported this week that Montreal-based coworking provider, Breather, “is selling most of its assets for US$3 million to Industrious National Management Co.”. Industrious’ CEO, Jamie Hodari, confirmed the acquisition, which will close this week. The deal will give Industrious Breather’s brand name, technology, and some engineers. Breather began struggling back in 2019, despite having raised between $35 million and $40 million. The pandemic only worsened the situation for the flexible workspace provider, which eventually led to its US and UK subsidiaries to file for bankruptcy.  

The Wing Reopens in NYC 

The Commercial Observer reported this week that female-oriented coworking space, The Wing, has fully reopened its New York City locations. The reopening come a year after co-founder and CEO, Audrey Gelman, stepped down following allegations of racism and discrimination. The coworking company has fully opened its SoHo, Bryant Park, and Flatiron workspace centers and it plans on bringing back its programming in the coming weeks. The Wing will also reopen nationwide locations in the coming weeks.  

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Adam Neumann’s Exit Package Gets Sweeter  

Several news outlets reported this week that Adam Neumann’s exit package just got a million times better (pun intended). The ousted WeWork CEO and co-founder will receive approximately a $245 million stock award in February. But that’s not all; Neumann also received $200 million in cash and the refinancing of a $432 million loan. The new terms were made public in SEC filings part of WeWork’s merger with BowX Acquisition Corp. And they will hopefully settle the ongoing dispute between Neumann and SoftBank.  

For more flexible workspace news and trends, visit our Daily Digest section! 

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