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SoftBank-backed WeWork said it sought to negotiate favorable terms with its landlords and plans to exit unfit, underperforming locations in order to reinvest in its other assets.
Colliers India has estimated that the gross leasing of office space at 40-45 million square feet in the 2023 calendar year as against 50.3 million square feet in the previous year.
WeWork, which earlier this month warned about its ability to stay afloat, added that the company's common shares will continue to trade on the NYSE.
"In 2021-22, we close the financial year with around Rs 800 crore of revenue and we were negative Rs 50 crore EBIDTA. During the last fiscal, we achieved a turnover of around Rs 1,400 crore and Rs 250 crore of EBIDTA," said Karan Virwani, CEO, WeWork India.
WeWork Stock Split: WeWork, once privately valued at $47 billion, now has a market capitalization of about $336 million in a stunning reversal of fortune.