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October 10 08:49

WeWork to open 2 new locations in Singapore

The New York-based office-sharing startup WeWork, which had to withdraw its much anticipated initial public offering last month, announced opening two new locations in the Lion City, Reuters reported.
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WeWork on Thursday said it will open two new locations in Singapore this year, at 83 Clemenceau Avenue and 30 Prinsep Street even as it seeks a $1 billion lifeline from its biggest investor Softbank Group Corp to support its major restructuring plan, the report added.
The plan to boost its footprint in the Lion city contrasts with reports of its parent, The We Company, on curbing its expansion plans in China as part of the company's new emphasis on controlling cost.
The co-working startup which currently has 25 locations across Southeast Asia, has been making headlines in the past one month in the run-up to its IPO as investors and analysts doubted its valuation, business model, complex structure and governance. 
"We have decided to postpone our IPO to focus on our core business, the fundamentals of which remain strong," WeWork co-CEOs Artie Minson and Sebastian Gunningham said in a statement on September,30. 
He added the company was committed to serving our members, enterprise customers, landlord partners, employees and shareholders. “We have every intention to operate WeWork as a public company and look forward to revisiting the public equity markets in the future,” he said.
According to the Reuters report, the loss-making start-up is looking to trim its workforce and slow expansion to preserve cash as it seeks alternative sources of funding.