WeWork's co-founder and former chief executive Adam Neumann sued SoftBank Group Corp., accusing the Japanese technology group of breaking a key provision of a deal that gave SoftBank control of the shared-office-space company. The civil complaint, filed in Delaware's Chancery Court, is the latest legal tussle over SoftBank's multibillion-dollar rescue of We Co., the parent of WeWork, and caps the dramatic falling out of SoftBank founder Masayoshi Son and Mr. Neumann.
NEW YORK – WeWork on Tuesday announced a deal to buy the oldest luxury department store in the U.S. as shifting retail landscape yielded ground to the booming sharing economy. Office-sharing startup WeWork said it is buying Lord & Taylor's flagship store on Fifth Avenue in Manhattan in a joint venture with Rhone Capital. The deal also involves WeWork leasing space in HBC department stores, beginning with the upper floors of the Hudson's Bay locations on Queen Street in Toronto and Granville Street in Vancouver, British Columbia, and Galeria Kaufhof in Frankfurt, Germany. Hudson's Bay estimated that the overall deal would result in $1.6 billion in cash on its balance sheet and reduced debt. "This is a transformative partnership that rethinks how retailers create exciting environments and leverage less productive space, while substantially improving the value proposition," HBC's executive chairman, Richard Baker, said in a release.
San Francisco – Teddy Kramer worked at WeWork from 2013 to 2015. When he left the company, he had been a director of new market development, helping the coworking startup open new offices in different regions. He'd put in the time and been granted shares in the company. At first, he thought he might be able to sell them after WeWork's much-anticipated initial public offering in September, but the IPO attempt flopped. As a backup option, Kramer and other current and ex-WeWork staff were told they would be able to sell their shares to SoftBank Group Corp. in a deal that was set to take place last Wednesday.