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WeWork sparks concern over future

Shares in WeWork fell sharply last night after the shared office space provider raised “substantial doubt” about its ability to stay in business, citing steep losses and increased churn among its members.

The American group said in a filing that its ability to continue as a going concern rested on its ability to boost liquidity and profits over the coming year. Its shares dropped 33.3 per cent, or 7 cents, to 14 cents during out-of-hours trading in New York.

WeWork said its future relied upon the “successful execution” of a plan which included reducing rent and tenancy costs over the next 12 months, increasing sales, cutting churn among its members, limiting spending and seeking additional capital.

Founded in 2010 by Adam Neumann and Miguel McKelvey,

© Times Media Limited 2023.

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