The decision was widely expected as Wework has struggled to drum up interest in its float plans Scott Olson/Getty ImagesThe company behind Wework formally scrapped its plans to float yesterday, a week after removing its founder and chief executive. The We Company said that it would file to withdraw its initial public offering to concentrate on its core business. The cancellation had been widely expected after the New York-based shared offices provider postponed a shares sale last month. “We have decided to postpone our IPO to focus on our core business, the fundamentals of which remain strong,” Artie Minson and Sebastian Gunningham, Wework’s new co-chief executives, said. “We have every intention to operate Wework as a public company…

Source: The Times September 30, 2019 23:02 UTC