"Flexible space company WeWork’s local operation has racked up close to $280m of losses after being hit hard by the pandemic but claims that its business is now turning around.
The company, which is saying it is on track globally as workers return to offices, copped a $120m loss in the last financial year at its local operations...
...WeWork pulled out of three venues last year in Perth, Sydney and Melbourne, and did not go ahead on expansions, but the company’s general manager Australia and Southeast Asia Balder Tol says it is back...
...WeWork’s financial statements showed the reliance of the local operation on its global parent. The local company had net current liabilities of $72.1m and net liabilities of $166.6m but the directors “have been assured of continued support from WeWork Companies LLC..."
SRV Price at posting:
$3.41 Sentiment: Hold Disclosure: Held
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