Moneycontrol Be a Pro
Get App
you are here: HomeNewsWorld
Last Updated : Oct 10, 2019 09:36 AM IST | Source: Reuters

WeWork to open two new locations in Singapore amid cost-cutting drive

The New York-based startup, which had to abandon an initial public offering last week because of investor concerns about how it was valued and its business model, will open new locations at 83 Clemenceau Avenue and 30 Prinsep Street, it said in a statement.

WeWork
WeWork

Office-sharing startup WeWork on Thursday said it will open two new locations in Singapore this year, even as its seeks a $1 billion lifeline from its biggest-backer Softbank Group Corp to progress a major restructuring.

The New York-based startup, which had to abandon an initial public offering last week because of investor concerns about how it was valued and its business model, will open new locations at 83 Clemenceau Avenue and 30 Prinsep Street, it said in a statement.

The surprise plan to boost its footprint in the city state contrasts with reports of its parent, The We Company, considering a curb on expansion plans in China as part of the company's new emphasis on controlling costs.

Close

The loss-making start-up is looking to trim its workforce and slow expansion to preserve cash as it seeks alternative sources of funding, sources have told Reuters.

WeWork currently has 25 locations across Southeast Asia.

The Great Diwali Discount!
Unlock 75% more savings this festive season. Get Moneycontrol Pro for a year for Rs 289 only.
Coupon code: DIWALI. Offer valid till 10th November, 2019 .
First Published on Oct 10, 2019 09:32 am
Loading...
NULL int(1)
Sections
Follow us on
Available On
PCI DSS Compliant