WeWork, the US co-working juggernaut that became a byword for office market disruption, says it has swapped the breakneck rollout strategy that it was once famous for to run a “smart business” approach in Australia’s increasingly competitive flexible workspace sector.
Once tagged with an eye-watering $US47 billion valuation after a rapid global roll-out of hubs led by its maverick co-founder Adam Neumann, WeWork was disrupted in the fallout of the COVID-19 pandemic. Juggling a heavy debt load and its rental obligations as demand for desks diminished, it filed for bankruptcy in the US three years ago ahead of a restructuring.
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