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

FILE PHOTO: A WeWork brand is pictured within the Manhattan borough of New York Metropolis, New York, U.S., October 4, 2019. REUTERS/Carlo Allegri/File Picture

(Reuters) – Workplace-sharing startup WeWork on Thursday mentioned it should open two new areas in Singapore this 12 months, whilst its seeks a $1 billion lifeline from its biggest-backer Softbank Group Corp (9984.T) to progress a serious restructuring.

The New York-based startup, which needed to abandon an preliminary public providing final week due to investor issues about the way it was valued and its enterprise mannequin, will open new areas at 83 Clemenceau Avenue and 30 Prinsep Road, it mentioned in a press release.

The shock plan to spice up its footprint within the metropolis state contrasts with stories of its mum or dad, The We Firm, contemplating a curb on growth plans in China as a part of the corporate’s new emphasis on controlling prices.

The loss-making start-up is trying to trim its workforce and gradual growth to protect money because it seeks different sources of funding, sources have advised Reuters.

WeWork at present has 25 areas throughout Southeast Asia.

Reporting by Aby Jose Koilparambil in Bengaluru; Modifying by Aditya Soni

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