Category: Trucking News

As WeWork Tries to Repair Its Business, There’s a Lot of Space to Fill

(Bloomberg) -- As WeWork prepared for what it thought would be a blockbuster initial public offering, the company built out dozens of new offices and filled them with more than 100,000 desks. Once the IPO imploded, WeWork was left with a lot of space to fill and little cash to bring in new business.The occupancy rate for its buildings dropped to 80% in the third quarter, from 83% a year ago, parent company We Co. said in a business report Friday. The New York-based company also confirmed that it would divest business units, including the event-organizing app Meetup and its investment in the Wing.WeWork said the increase in office vacancies was a result of its rapid expansion, which added new desks it needs to fill. Occupancy in China and elsewhere in Asia were particularly low. A more favorable statistic showed customers were dropping memberships at a reduced rate of 2.7% a month, from 3.9% two...