WeWork is closing one of its Toronto locations
WeWork is permanently closing its Bloor Street location in Toronto.
Located at 33 Bloor St. E, this collaborative spot was for people looking to hold office space, which became both more and less attractive during the pandemic with most people working from home.
Its accessibility to Bloor-Yonge subway station was a bonus for people as well, however.
"Over the last 12 months, WeWork has continued to rationalize its global real estate portfolio as a part of the company's plan to achieve profibility," WeWork told blogTO.
They added that they have made the decision to "rightsize our footprint in Toronto."
WeWork has recently been rapidly closing locations worldwide, so it's no surprise that Toronto is losing one of our own. Most recently, the company announced that they are closing four of nine locations in Denver earlier this month.
In 2019, the Wall Street Journal reported that WeWork was on the verge of going bankrupt, though it was saved by a deal that secured the company more funds. The company had a net-loss of $1.9 billion in 2019, and only $1.8 billion in revenue, according to CNBC.
Softbank made the rescue deal with the company, giving them over $1.7 billion in exchange for 80 per cent of WeWork.
Despite all of this, a few new WeWork locations are still set to open in Toronto. The company is opening a Liberty Street location in December 2022, and another in Mirvish Village in July of the same year.
WeWork had originally aimed to open upwards of 20 locations in Toronto last year, according to a 2018 Bloomberg interview with WeWork general manager David McLaughlin. Currently, there are five workspaces open in the city.
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