{"id":43325,"date":"2023-11-07T03:29:34","date_gmt":"2023-11-07T03:29:34","guid":{"rendered":"https:\/\/prosfunds.com\/business\/wework-files-for-bankruptcy\/"},"modified":"2023-11-07T03:29:35","modified_gmt":"2023-11-07T03:29:35","slug":"wework-files-for-bankruptcy","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=43325","title":{"rendered":"WeWork files for bankruptcy"},"content":{"rendered":"<div data-editable=\"content\" itemprop=\"articleBody\" data-reorderable=\"content\">\n<p class=\"paragraph inline-placeholder\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/clomw3lbn00f2g7p1ccrw9827@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n      WeWork, the beleaguered coworking startup, has filed for bankruptcy protections in federal court.\n  <\/p>\n<p class=\"paragraph inline-placeholder\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/clomw60ll00053b6ifd48tiu9@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n      The chaper 11 bankruptcy announcement caps a stunning downfall for the once-high-flying, SoftBank-backed venture, which was privately valued at some $47 billion at its peak.\n  <\/p>\n<p class=\"paragraph inline-placeholder\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/clonq9q2a00073b6ijdmdvdcs@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n      \u201cNow is the time for us to pull the future forward by aggressively addressing our legacy leases and dramatically improving our balance sheet,\u201d said David Tolley, WeWork CEO, in a news release. \u201cWe remain committed to investing in our products, services, and world-class team of employees to support our community.\u201d\n  <\/p>\n<p class=\"paragraph inline-placeholder\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/clonq2acy00003b6iz0n52aln@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n      Once a much-celebrated tech unicorn that promised to revolutionize the future of office work \u2014 via, among other things, free-flowing craft beer \u2014 a perfect storm of factors caused WeWork to start to come undone in the wake of a botched attempt to go public back in 2019.\n  <\/p>\n<p class=\"paragraph inline-placeholder\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/clonq2szi00023b6imbx8gr2o@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n      At the time, IPO paperwork revealed larger-than-expected losses and potential conflicts of interest with the company\u2019s cofounder and then-CEO Adam Neumann. Neumann, whose unorthodox leadership style resulted in WeWork\u2019s culture becoming the subject of much news coverage, was ousted in 2019 following pressure from investors. (Notably, Neumann still received an eye-popping golden parachute upon his departure).\n  <\/p>\n<p class=\"paragraph inline-placeholder\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/clonq2szi00033b6i1n3ts7zs@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n      WeWork eventually went public roughly two years later at a much-reduced valuation of some $9 billion. But by 2021, market sentiment, and the easy access to capital that helped prop up much of the startup world before the pandemic, had started to shift. Although WeWork billed itself as a tech company, some critics noted its core business was not in tech but was really in real estate, renting space in office buildings to retrofit and sublet to startups, freelancers as well as large and small companies.\n  <\/p>\n<p class=\"paragraph inline-placeholder\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/clonq8eha00053b6ine6ldkpe@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n      Even after going public, the company has struggled to turn the ship around. The flexible workspace provider was confronting a difficult time in the commercial real estate sector after the pandemic led to a rise in hybrid and work-from-home options \u2013 threatening the very office culture WeWork\u2019s foundation was built upon. Meanwhile, increased competition in the coworking space, higher interest rates and macroeconomic uncertainty also cast a cloud over WeWork\u2019s attempts to save itself over the past few years.\n  <\/p>\n<p class=\"paragraph inline-placeholder\" data-uri=\"cms.cnn.com\/_components\/paragraph\/instances\/clonqdpzr00093b6i304rdhvd@published\" data-editable=\"text\" data-component-name=\"paragraph\" data-article-gutter=\"true\">\n      Shares for WeWork have plunged roughly 98% in 2023 alone. In May, WeWork announced a leadership shakeup with the departure of its chairman and CEO Sandeep Mathrani, a real estate executive who investors hoped would save the company. David Tolley, a WeWork board member, stepped up as interim chief executive and was officially named CEO in October. In August, meanwhile, the company said that it had\u00a0\u201csubstantial doubt\u201d\u00a0about its ability to stay in business over the next year as losses and debt continued to mount.\n  <\/p>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/www.cnn.com\/2023\/11\/06\/business\/wework-bankruptcy\/index.html\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>WeWork, the beleaguered coworking startup, has filed for bankruptcy protections in federal court. The chaper 11 bankruptcy announcement caps a stunning downfall for the once-high-flying, SoftBank-backed venture, which was privately valued at some $47 billion at its peak. \u201cNow is the time for us to pull the future forward by aggressively addressing our legacy leases [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":43326,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[23],"tags":[],"class_list":{"0":"post-43325","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>WeWork files for bankruptcy | Prosfunds<\/title>\n<meta name=\"description\" content=\"WeWork, the beleaguered coworking startup, has filed for bankruptcy protections in federal court. 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