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3/26, 7:03 PM (Source: TeleTrader)
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WeWork assures it has enough cash to overcome pandemic

WeWork remains committed to its five-year plan and targets and is confident in its long-term prospects and performance, the company said in a presentation to investors. WeWork said it did not expect to meet previously disclosed targets for 2020 due to the impact of COVID-19.

The company noted it had $4.4 billion in cash and cash equivalents as of the end of 2019, enough to overcome short-term challenges and execute long-term plans. It also said it remains focused on getting to adjusted EBITDA and cash flow positive as quickly as possible.

In February, WeWork has temporarily closed 100 buildings in China due to the coronavirus pandemic.

Breaking the News / SR