WeWork Set to Have Positive Cash Flow in 2021, Chairman Tells FT

WeWork is on track to have positive cash flow in 2021, Executive Chairman Marcelo Claure told the Financial Times in an interview.

The company will be “a profitable venture with an incredible diversity of assets” a year from now, Claure was cited as saying. Revenue has been flat during the coronavirus crisis, he said, with strong demand for work space offset by the termination of other leases and some tenants refusing to pay rent.

WeWork has slashed its workforce to 5,600 from 14,000, according to the interview. Job cuts were among measures taken to reduce costs in recent months following at a $9.5 billion rescue by SoftBank Group, where Claure is chief operating officer.

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