Deals
As WeWork Tries to Repair Its Business, There’s a Lot of Space to Fill
It’s looking to sell assets, including Meetup and its investment in the Wing.
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As WeWork prepared for what it thought would be a blockbuster initial public offering, the company built out dozens of new offices and filled them with more than 100,000 desks. Once the IPO imploded, WeWork was left with a lot of space to fill and little cash to bring in new business.
The occupancy rate for its buildings dropped to 80% in the third quarter, from 83% a year ago, parent company We Co. said in a business report Friday. The New York-based company also confirmed that it would divest business units, including the event-organizing app Meetup and its investment in the Wing.