Joe.My.God. LGBT News
The New York Times reports:
WeWork, the real estate company that offered start-ups and individuals sleek quarters to pursue their entrepreneurial dreams, filed for bankruptcy protection in the United States on Monday after years of struggling to find its footing.
The company filed for Chapter 11 bankruptcy protection in New Jersey, as part of what it described as a “comprehensive reorganization” of its business. The company said creditors holding 92 percent of its secured debt had agreed on a restructuring plan that would include reducing its portfolio of office leases.
WeWork’s demise is a blow for landlords who have leased a large proportion of their space to the company. Many landlords have accepted lower rents from WeWork in recent years, and some are struggling to make payments on the debt tied to their buildings.
The Guardian reports:
The beleaguered company, once valued at $47bn on the private market, endured a 98% decline in its share price this year, leaving it with a market capitalization of less than $50m.
In August, it raised “substantial doubt” that it could continue to operate as it grappled with $2.9bn in net long-term debt and more than $13bn in long-term leases.
The business never quite recovered from the ouster of its founder, Adam Neumann, who resigned in September 2019 amid a push to go public, and the remote work revolution of the coronavirus pandemic.
Breaking News: WeWork filed for bankruptcy, dealing a blow to landlords who leased millions of square feet to the co-working group. https://t.co/zVuUDwZO3V
— The New York Times (@nytimes) November 7, 2023