News

Soon after WeWork’s board approved a bailout deal from SoftBank, reports have revealed that the coworking company will slash 30% of its employees to recoup its losses.

After WeWork failed to go public and damaged its reputation, other coworking operators are positioning themselves to be a reliable alternative to the coworking giant.

SoftBank’s bailout deal with WeWork that is providing them with $5 billion in funding has saved the coworking company, who was expected to run out of money by next week.

IWG is currently seeking a partner or partners to sign a master franchisee agreement for its Canadian operations, similar to its previous deals in Japan and Taiwan.

London-based flexible office operator Central Working collapsed into administration and has now appointed administrators from independent advisory firm Quantuma.

As several WeWork employees face job cuts with no severance, SoftBank will give former WeWork CEO Adam Neumann as much as $1.2 billion in a bailout deal with the company.

WeWork has announced that SoftBank will provide $5 billion in new financing as well as $3 billion in a tender offer, officially giving it 80% of the coworking company.

Reports state that SoftBank will take over WeWork at an $8 billion valuation, which seems like a huge cut from its $47 billion valuation, but may still be unwarranted.

Regardless of the size of a company, expanding internationally can be costly and time-consuming, which is why adopting flexible offices is the perfect solution for all.

While some coworking companies like WeWork are struggling to stay afloat, The Yard is finding great opportunity to present itself as a more reliable, stable provider.