WeWork Bonds Crash To Record Lows After Slashing 17% Of Workforce, Expansion On Hold The WeWork implosion continues to unfold spectacularly. The company, slated 1.5 months ago as a top Wall Street IPO candidate at a valuation of more than $40 billion, has seen its valuation collapse to $8 to $10 billion range and has had SoftBank bailout it out from near bankruptcy. As the struggling office-sharing company slashes jobs, closes locations, and restructures to avoid eventual bankruptcy, its "cost-cutting" measures are kicking into overdrive as another 2,400 employees globally have been laid off, reported Bloomberg. "As part of our renewed focus on the core WeWork business, and as we have previously shared with employees, the company is making necessary layoffs to create a more efficient organization," a company spokeswoman said in a statement. "This workforce reduction affects approximately 2,400 employees globally, who will receive severance, continued benefits, and other forms of assistance to aid in their career transition," the New York-based company added. The latest cut represents about 17% of the company's global workforce, which totaled 12,500 as of June. Most of the cuts are likely from Europe, the Middle East, and Africa, which we detailed earlier this month that employees in those areas were briefed on the restructuring. The London and Hong Kong subsidiaries of WeWork are also rethinking their expansion strategies after the company had to make drastic changes to its operating model to avoid collapse. And judging by the collapse of the company's forward-looking jobs posting, this is no longer a 'growth' company, but a 'survive' company... But the epicenter of its collapse could be in its Chinese subsidiary, once valued at $5 billion in 2018, now likely headed to zero. Sources recently told the Financial Times that WeWork locations in China have been severely underperforming, to the extent that occupancy levels are absolutely disturbing. "WeWork locations in Shanghai, where it has installed 43,600 desks, had a vacancy rate of 35.7% in October. In Shenzhen, where the company has 8,000 desks, 65.3% were vacant, while 22.1% of the group's 8,900 desks in Hong Kong sat unfilled. The company was also expanding in central China, with multiple offices in Xi'an. There, it suffered a vacancy rate of 78.5%." The SoftBank led bailout of WeWork is to boost occupancy rates above 90% and generate more cash flow so the company can survive the next global trade recession. WeWork's explosive push into emerging markets is one of the reasons the company is suffering. WeWork, co-founded by former CEO and chairman Adam Neumann, definitely not keen on business cycles, over expanded in regions that are getting clobbered in the global synchronized slowdown. Some of these areas aren't just in China, but also in other parts of Asia and South America. WeWork posted disastrous Q3 earnings. Financial statements showed the company lost $1.25 billion. As far as WeWork 2025 bonds crashing to new lows, no turnaround in WeWork is visible yet. WeWork is on borrowed money and borrowed time... Tyler Durden Thu, 11/21/2019 - 15:10 Tags Business Finance Labor
Bundle up with your favorite Christmas sweater and get ready to share some holiday cheer at these festive Christmas markets across Canada.
They demand a second opinion
Britons don’t have the world’s fastest internet connections. But most are cheap and at least not sluggish
Back for her third year as spokesperson for the National Dog Show Presented by Purina's #DogThanking initiative is TV personality and entrepreneur Maria Menounos, whom we caught up with to chat about the show, which will be airing on NBC at noon (in all time zones) on Thanksgiving Day, Nov., 28.
Workday BrandVoice: Global Research Results: Companies Report Stronger Performance When They Embrace Agility
A global survey commissioned by Workday queried 988 C-Suite executives and leaders, a third of whom have finance roles, about organizational agility. The results show how businesses that recognize the importance of agility—and equip themselves to achieve it—do better than those that don’t.
My car was wrecked by a falling branch. I dreaded all the hassle with insurance, auto body shops and car rental. But I was pumped: I'd get on-the-ground input about a new application for Blockchain!
Watch: Student Leftist Has Violent Meltdown Over "All Lives Matter" Sign Authored by Paul Joseph Watson via Summit News, A video out of California State University shows a man being assaulted by a leftist who proceeds to have a violent hissy fit over his “All Lives Matter” sign. The man calmly stands next to the leftist with his handwritten sign, before she almost immediately snatches it from him and goes into a meltdown, screaming, “Get the fuck out of here!” Here is the video from the Battery today at @ChicoState. College Republicans across the nation experience treatment just like this on their campuses. It has to stop! @realDonaldTrump @californiafcr @scrowder @benshapiro @FoxNews @BrandonStraka pic.twitter.com/0Iew1sEGda — Michael Curry (@curry3551) November 20, 2019 The woman then assaults the man before continuing her tirade, claiming he harassed her. She then accuses him of ‘sacrificing’ her safety before yelling, “fuck you!” Another clip shows a foul-mouthed student harassing activist Brandon Straka before his camerawoman is called a “dumb ass white bitch.” Protest at @ChicoState against me speaking for the #WalkAway event here tomorrow at Chico State University, CA. I didn’t engage w/ the students at the protest at all. Literally just came to film this promo. This is what happened... TIX for tomorrow:https://t.co/owwJ6T9FMa pic.twitter.com/UbjqlMaPHt — Brandon Straka (@BrandonStraka) November 21, 2019 Another clips shows the same young woman berating conservatives while a transgender-looking individual wearing pink with ginger hair flips off the camera. More video from @ChicoState. The left continues to harass and intimidate us on campus! @realDonaldTrump @BrandonStraka @MsBlaireWhite pic.twitter.com/HcmSuDKyHl — Michael Curry (@curry3551) November 21, 2019 * * * My voice is being silenced by free speech-hating Silicon Valley behemoths who want me disappeared forever. It is CRUCIAL that you support me. Please sign up for the free newsletter here. Donate to me on SubscribeStar here. Support my sponsor – Turbo Force – a supercharged boost of clean energy without the comedown. Tyler Durden Thu, 11/21/2019 - 14:55
What you don't know about buying a private jet can cost you millions of dollars. You might even find out you don't own the jet.