Office space-sharing giant WeWork, once valued at $47 billion, has filed for bankruptcy in the US and Canada. The New York-based company listed both assets and liabilities in the range of $10 billion to $50 billion in a Chapter 11 petition filed in New Jersey. As concerns about the future of WeWork India arose, Karan Virwani, CEO at WeWork India, assured that the Indian business will not be impacted in any manner. Notably, WeWork India is a separate entity in itself, and it is not a part of this strategic reorganisation process.
''WeWork India is a separate entity from WeWork Global. The recent Chapter 11 filing will not impact our members and stakeholders in India. We will continue to operate and serve our members, landlords, and partners as usual. Committed to the growth and success of our business,'' the company wrote along with a detailed statement on X.
See the tweet here:
''WeWork India operates independently of WeWork Global, and our operations will not be affected in any manner. t is a separate entity in itself, and we are not a part of this strategic reorganisation process. The Chapter 11 filing does not impact the operations of the global entity as it continues to remain in possession of its business, operating as usual,'' the statement read.
''We are the leaders in the flexible workspace industry and have transformed the way India works. WeWork India has been profitable since 2021, and we are committed to the robust growth and success of the business and the industry,'' the statement added.
In August, Mr. Virwani had said that WeWork India's revenue grew by 40 per cent to Rs 400 crore during the first quarter of this fiscal year, on rising demand for flexible workspace across major cities from corporates.
In WeWork India, Bengaluru-based real estate firm Embassy Group has a 73 percent stake, while WeWork Global has a 27 percent shareholding. WeWork India has 50 centres, comprising around 90,000 desks, across seven cities.
WeWork's franchisees around the world are similarly not affected by the proceedings in the US and Canada.
Featured Video Of The Day
Row In Parliament After BJP MP Accuses Rahul Gandhi Of "Pushing" Him
WeWork Global In Talks To Sell Entire Stake In WeWork India: Report Israeli Embassy Pulls Video Imagining Hamas Attack In Seoul WeWork India's Clarification After Global Unit Files For Bankruptcy Pakistan Tries To Arm-Twist China Over Gwadar Port. The Plan Backfires. "Human Error" Caused Chopper Crash That Killed CDS Bipin Rawat: Panel Report Video: Rahul Gandhi Approaches BJP MP Who Fell During Protest, This Happens Delhi Bans Firecrackers In City Throughout The Year "We Destroyed Your Fake Narrative In Elections": D Fadnavis To Opposition Ferry Collision Death Count Rises To 14 As Body Of Passenger Missing Found Track Latest News Live on NDTV.com and get news updates from India and around the world.