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)
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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.
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