WeWork CEO Says Company On Track To Be Profitable By Year-End By Reuters

© Reuters. FILE PHOTO: The WeWork logo is seen on a mug at a WeWork office in Beijing

By Sheila Dang and Abhijith G (Reuters) – WeWork CEO Sandeep Mathrani said Wednesday that the coworking company is “fully on track” to profitability in the fourth quarter of this year, and its China offices are almost they have recovered to pre-pandemic levels. Mathrani took over WeWork in February to turn the company around after a disastrous period in which WeWork scrapped its initial public offering, fired its founder Adam Neumann and faced bankruptcy. In an interview during the Reuters Next conference, Mathrani said that he hopes that many Americans will want to work in an office environment despite the ongoing pandemic. “We have seen mental health reasons for people who want to go back to work [in the office]”, said.” I firmly believe that the office is an important part of everyday life. “WeWork locations in China” are back to practically 90% of pre-COVID levels from an occupancy, lease and demand perspective, Mathrani said. He added that WeWork currently has $ 3 billion of liquidity on its balance sheet, which is enough to carry the company through 2022.

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