Statements allegedly made before Pelangai polls: Investigation papers on PAS’ Sanusi, Jengka assemblyman submitted to DPP’s office, say policeSINGAPORE, Nov 8 — WeWork’s operations in Singapore will not be impacted by the company’s bankruptcy filing in the United States, said a local spokesman for the company on Tuesday ., a spokesman for the flexible workspace provider said that it is “business as usual” and Singapore customers can continue using its 14 offices here.
The co-working space provider rents office real estate from landlords and then leases these spaces out to individual members or companies in a shared office environment.In 2021, SoftBank Group, a Japanese multinational investment holding company, cut a deal to take WeWork public through a merger with a blank-check acquisition company at a valuation of US$8 billion .Under the provisions of the US bankruptcy code, WeWork could rid itself of onerous leases, a law firm told news wire Reuters.
Rental costs consumed 74 per cent of WeWork’s revenue in the second quarter of 2023 despite the company managing to amend 590 leases, saving about US$12.7 billion in fixed lease payments. Last September, it opened its 14th outlet in Singapore at 21 Collyer Quay near Raffles Place. Occupying all 21 floors of the former HSBC headquarters, the 220,000 sq ft office is WeWork’s largest location in the Pacific region.