WeCrashed into more financial troubles
Co-working behemoth WeWork has filed for bankruptcy in the US following a rocky few years that included a failed public float in 2019, the exit of charismatic co-founder Adam Neumann, and the pandemic. The company lost around 99% of its market value this year and is somewhere between $10-$50 billion in the red, according to the federal court filing made yesterday – but it might not be the end… The bankruptcy process in the US gives companies some legal protection from creditors and helps in negotiations with landlords. In WeWork’s case, it’s still operating globally, but analysts say its survival hinges on renegotiating its pricey leases. It’s nothing a good offsite couldn’t solve…
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