The fallen titan of co-working spaces filed for Chapter 11 bankruptcy in New Jersey late Monday, hoping a restructuring and elimination of debts can make the company a going concern again. The filing seeks to cancel leases on dozens of offices across the United States, plus two in Toronto, two in Vancouver and one in suburban Burnaby. (The Logic)
Skip to content
The fallen titan of co-working spaces filed for Chapter 11 bankruptcy in New Jersey late Monday, hoping a restructuring and elimination of debts can make the company a going concern again. The filing seeks to cancel leases on dozens of offices across the United States, plus two in Toronto, two in Vancouver and one in suburban Burnaby. (The Logic)
Talking point: Besides the leases it wants out of, the filing said WeWork is trying to renegotiate terms with over 400 landlords. “The debtors’ lease portfolio has been, and continues to be, a significant contributing factor to their current financial challenges,” one of WeWork’s bankruptcy filings said, because it owes money for spaces it doesn’t have members paying to use and without those obligations it would be a better business. At its peak, WeWork was valued at US$47 billion, though its flamboyant then-CEO Adam Neumann once acknowledged that its perceived value was based more on (admittedly great) vibes than making money.
Loading...
Thanks for sharing!
You have shared 5 articles this month and reached the maximum amount of shares available.
CloseThis account has reached its share limit.
If you would like to purchase a sharing license please contact The Logic support at [email protected].
CloseGift the full article!
You have gifted 0 article(s) this month and have 5 remaining.
Recipients will be able to read the full text of the article after submitting their email address. They will not have access to other articles or subscriber benefits.
Most Popular This Week
In-depth, agenda-setting reporting
Great journalism delivered straight to your inbox.
News
Canadian firms are ready to help with digital sovereignty. Their challenge is getting approved
Briefing
Radical Ventures leads US$130M financing for AI model maker Prime Intellect
Intact warns of larger-than-expected losses from extreme weather and fire claims
Quebec government greenlights 50-year, $2.5B energy deal with Innu community
Best business newsletter in Canada
Get up to speed in minutes with insights and analysis on the most important stories of the day, every weekday.
Exclusive events
See the bigger picture with reporters and industry experts in subscriber-exclusive events.
Membership in The Logic Council
Membership provides access to our popular Slack channel, participation in subscriber surveys and invitations to exclusive events with our journalists and special guests.
