WeWork to open new co-working sites in Singapore and Manila
We work
Office-sharing startupWeWorkwillopennewlocations inSingaporeand the Philippines this year, it said, even as it seeks a $1 billion lifeline from its biggest-backer Softbank GroupCorpfor a major restructuring.
TheNewYork-based startup, which abandoned an initial public offering last week over investorconcerns about its valuation and business model, willopentwonewoffices forco-workinginSingaporeand two inManila.
It made the announcements on Wednesday and Thursday.
The plan to boost its footprint in the two Southeast Asian cities follows a reports that its parent, The WeCompany, wasconsidering curbing expansion plans in China tocontrolcosts.
The loss-making start-up is looking to trim its workforce and slow expansion to preserve cash as it seeks alternative sources of funding, sources have told Reuters.
AWeWorkspokeswoman said in an email on Thursday that thecompany was "strengtheningWeWork's presence in the region".
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WeWorknow has 25 locations across Southeast Asia, 12 of them inSingapore.