Mobile phone giant SoftBank has announced that it will take over the business of the Japanese subsidiary of WeWork, the American shared office giant that went bankrupt. The Japanese subsidiary applied to the court on the 1st to apply the Civil Rehabilitation Law, but SoftBank says it plans to continue all business in Japan.
In November of last year, the American shared office giant WeWork announced that it had filed for Chapter 11 bankruptcy protection, which is equivalent to Japan's Civil Rehabilitation Act, in an American court, resulting in its bankruptcy.
The company operates shared offices around the world, including Japan, and the SoftBank Group has invested in it through an investment fund affiliated with it.
According to an announcement, WeWork's Japanese subsidiary applied for application of the Civil Rehabilitation Law to the Tokyo District Court on the 1st, and SoftBank has decided to establish a new company to take over the business of the Japanese corporation. That is to say.
The business transfer is scheduled to be completed by the end of April this year, subject to court approval and the consent of the parties involved.
The company has 40 bases in Japan, and the company plans to continue all business in Japan, and has stated that there will be no changes to the contract terms and conditions for companies currently operating or planning to move in.