WeWork is on track to have positive cash flow in 2021, a year ahead of schedule, after it cut its workforce by more than 8,000 people, renegotiated leases and sold off assets, its executive chairman said.
Marcelo Claure said in an interview that the SoftBank-backed provider of office space had seen strong demand for its flexible workspaces since the start of the COVID-19 pandemic.
While the shift to working from home has seen a reduction in demand for office space, some companies have turned to WeWork to provide satellite offices closer to where employees live and to spread out their staff beyond their main offices, said Claure. The company has not yet reported second-quarter sales figures to its creditors, but Claure said revenue was flat during the crisis. WeWork drastically slowed its expansion last year after churning through capital.
Claure, who is credited with turning around U.S. wireless carrier Sprint and negotiating its merger with rival T-Mobile, was installed as chairman in October after WeWork co-founder Adam Neumann stepped down as chief executive. The company hired property veteran Sandeep Mathrani this year and charged him with cutting costs and putting the company on a path to profitability.
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WeWork expects to have positive cash flow in 2021, Financial Times reportsWeWork Executive Chairman Marcelo Claure said the office-sharing company was on course to have positive cash flow in 2021, a year earlier than a target the company set in February, the Financial Times reported on Sunday.
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WeWork chairman says positive cash flow due in 2021, a year ahead of scheduleA massive cost-cutting drive helped the company shore up its finances while the coronavirus pandemic led to a robust demand in WeWork's flexible office space, chairman Marcelo Claure told the FT in an interview.
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