in a fitting coda to the free money era. But once shorn of the liabilities amassed during its go-go years, might the flexible workspace provider actually succeed this time?
WeWork failed because it doesn’t make money – it has lost almost $US17 billion since 2010 – but since Neumann’sin 2019, it has dramatically slimmed down, while amending hundreds of rental contracts. It must now cut even deeper. There’s a risk clients continue to abandon WeWork following such a high-profile failure or press for fee discounts or deferrals. But demand for hybrid working is stronger than ever. Just look at rival IWG, which reported a 7 per cent increase in quarterly revenue and falling net debt, according to figures published on Tuesday.
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