WeWork has emerged from bankruptcy. What's next for the co-working office space provider?
6 months, 3 weeks ago

WeWork has emerged from bankruptcy. What's next for the co-working office space provider?

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Corresponding with Tuesday's announcement about emerging from bankruptcy, WeWork revealed that David Tolley has stepped down as CEO and is being replaced by John Santora, of real estate company Cushman & Wakefield, effective Wednesday. More than half of the new members come from real estate software company Yardi Systems, which agreed to acquire a majority stake in WeWork through its wholly owned subsidiary Cupar Grimmond during bankruptcy proceedings. Commercial real estate experts like David Putro, senior vice president at Morningstar Credit Analytics, note that demand for co-working spaces remains strong — and, while WeWork is still the biggest name in the market today, many competitors have popped up over the years. “We’re still seeing the residual effects," said Putro, whose team has tracked WeWork locations that have been shuttered or seen leases terminated both before and after the company's bankruptcy filing.

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History of this topic

WeWork names new CEO following co-working firm’s bankruptcy exit
6 months, 4 weeks ago

WeWork names new CEO following co-working firm’s bankruptcy exit

Hindustan Times  

-- WeWork named John Santora its new chief executive officer following a global restructuring and the company’s emergence from bankruptcy in the US and Canada. WeWork named John Santora its new chief executive officer following a global restructuring and the company’s emergence from bankruptcy in the US and Canada. “Flexible work is no longer just an option, but rather a …

WeWork CEO David Tolley steps down as company exits bankruptcy
6 months, 4 weeks ago

WeWork CEO David Tolley steps down as company exits bankruptcy

Hindustan Times  

WeWork CEO David Tolley stepped down after the flexible workspace provider emerged from bankruptcy on Tuesday, bookending a months-long restructuring process that featured a strategy revamp and exits from several locations. The company named commercial real estate industry veteran John Santora as its new top boss. WeWork received approval from a U.S. bankruptcy judge for a restructuring plan late last …

WeWork expects to emerge from bankruptcy by the end of May, predicting $8 bn in rental savings
9 months ago

WeWork expects to emerge from bankruptcy by the end of May, predicting $8 bn in rental savings

Hindustan Times  

Embattled co-working space provider WeWork says it expects to emerge from bankruptcy by the end of May, touting lease-restructuring efforts that it estimates will bring $8 billion in future rental savings. Embattled co-working space provider WeWork says it expects to emerge from bankruptcy by the end of May, touting lease-restructuring efforts that it estimates will bring $8 billion in future …

Adam Neumann wants to buy back WeWork. Does WeWork want Adam Neumann?
11 months ago

Adam Neumann wants to buy back WeWork. Does WeWork want Adam Neumann?

Slate  

Adam Neumann’s $47 billion company WeWork was only sort of imaginary. But in the course of Neumann’s management, WeWork hit the skids, Neumann found himself pushed out, and the company’s value had slumped to a paltry $9 billion by the time it went public. One can imagine a natural reason why WeWork’s bankruptcy management team may not want to consider …

Adam Neumann, ousted founder of WeWork, wants to buy back the office sharing company
11 months ago

Adam Neumann, ousted founder of WeWork, wants to buy back the office sharing company

Associated Press  

NEW YORK — Adam Neumann, the ousted co-founder of WeWork, is exploring a deal to buy back the office sharing company after expressing dismay over its bankruptcy process. In a Monday letter obtained by The Associated Press, an attorney representing Neumann and Flow Global Holdings said that W eWork’s former CEO had partnered up with capital sources like Dan Loeb’s …

This Time, WeWork Failed Like a Regular Ol’ Company
55 years ago

This Time, WeWork Failed Like a Regular Ol’ Company

Slate  

When WeWork filed for bankruptcy on Monday, one reasonable response was to double-take and remind yourself that WeWork still exists. Back in its days as a private company, WeWork’s value reached $47 billion, thanks to a series of exceptionally ludicrous funding rounds from investment conglomerate SoftBank. When bankers were constructing the company’s initial public offering, they thought about pricing WeWork …

In graphics | What went wrong with Wall Street darling WeWork?
1 year, 2 months ago

In graphics | What went wrong with Wall Street darling WeWork?

Firstpost  

WeWork on Monday filed for bankruptcy; marking a stunning fall for the office-sharing company which was once seen as a Wall Street darling that promised to upend the way people went to work around the world. Here’s a look at its rise and fall SoftBank Group-backed startup WeWork, has filed for Chapter 11 bankruptcy protection after reporting liabilities of $10-$50 …

WeWork bankruptcy: India business will not be impacted in any manner, says WeWork India CEO Karan Virwani
1 year, 2 months ago

WeWork bankruptcy: India business will not be impacted in any manner, says WeWork India CEO Karan Virwani

The Hindu  

Coworking major WeWork India on Tuesday said the Indian business will not be impacted in any manner, as it is not part of the bankruptcy proceedings filed by WeWork Global in the US court. In a statement, WeWork India CEO Karan Virwani asserted that the Indian business is independent from WeWork Global and hence its operations will not be impacted. …

WeWork files for bankruptcy after failing to recover from Covid-19 losses
1 year, 2 months ago

WeWork files for bankruptcy after failing to recover from Covid-19 losses

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. "I am deeply grateful for the support of our …

How did $47 billion firm WeWork go bankrupt? What happens to Indian operations?
1 year, 2 months ago

How did $47 billion firm WeWork go bankrupt? What happens to Indian operations?

Firstpost  

WeWork has filed for bankruptcy, marking one of the greatest corporate collapses in recent US history. WeWork chief executive David Tolley said he was “deeply grateful for the support of our financial stakeholders as we work together to strengthen our capital structure and expedite this process through the restructuring support agreement”. WeWork’s other founder, Adam Neumann, also issued a statement …

WeWork, known as a $47 billion startup once, files for bankruptcy in US
1 year, 2 months ago

WeWork, known as a $47 billion startup once, files for bankruptcy in US

Firstpost  

The New York-based company listed both assets and liabilities in the range of $10 billion to $50 billion in a Chapter 11 petition filed in New Jersey on Tuesday. The filing allows WeWork to keep operating while it works out a plan to repay all its debts Former high-profile startup WeWork Inc. has filed for bankruptcy in the United States …

WeWork seeks bankruptcy protection in stunning fall for a company once valued close to $50 billion
1 year, 2 months ago

WeWork seeks bankruptcy protection in stunning fall for a company once valued close to $50 billion

Associated Press  

NEW YORK — WeWork has filed for Chapter 11 bankruptcy protection, a stunning fall for the office-sharing company that once promised to upend the way people went to work around the world. Despite efforts to turn the company around since Neumann’s departure — including significant cuts to operating costs and rising revenue — WeWork has struggled in a commercial real …

WeWork, once most valuable U.S. startup, files for bankruptcy with liabilities worth $10-$50bn
1 year, 2 months ago

WeWork, once most valuable U.S. startup, files for bankruptcy with liabilities worth $10-$50bn

Hindustan Times  

WeWork, the SoftBank Group-backed startup whose meteoric rise and fall reshaped the office sector globally, sought U.S. bankruptcy protection on Monday, after its bets on companies using more of its office-sharing space soured. "WeWork could use provisions of the U.S. bankruptcy code to rid itself of onerous leases," law firm Cadwalader, Wickersham & Taft LLP said in a note to …

WeWork goes bankrupt, capping co-working company’s downfall
1 year, 2 months ago

WeWork goes bankrupt, capping co-working company’s downfall

Hindustan Times  

Former high-flying startup WeWork Inc. filed for bankruptcy, marking a fresh low for the co-working company that struggled to recover from the pandemic and its failed initial public offering in 2019. WeWork’s real estate footprint sprawled across 777 locations in 39 countries as of June 30, with occupancy near 2019 levels. The company went public in 2021 through a combination …

Once valued at $47 billion, WeWork files for bankruptcy protection in spectacular fall
1 year, 2 months ago

Once valued at $47 billion, WeWork files for bankruptcy protection in spectacular fall

LA Times  

WeWork has filed for Chapter 11 bankruptcy protection, marking a stunning fall for the office-sharing company once seen as a Wall Street darling that promised to upend the way people went to work around the world. In a late Monday announcement, WeWork said it had entered into a restructuring support agreement with the majority of its stakeholders to “drastically reduce” …

WeWork files for bankruptcy, co-founder calls the move disappointing
1 year, 2 months ago

WeWork files for bankruptcy, co-founder calls the move disappointing

India Today  

Co-working space provider WeWork has filed for bankruptcy. WeWork files for bankruptcy Just last week, it was reported that WeWork shares fell by nearly 50 per cent and reports of a possible bankruptcy filing had surfaced online. Paying for space consumed 74 per cent of WeWork's revenue in the second quarter of 2023, the report revealed. "As the co-founder of …

Once a 'Wall Street darling', now WeWork forced to file bankruptcy in US. Will it impact Indian workforce?
1 year, 2 months ago

Once a 'Wall Street darling', now WeWork forced to file bankruptcy in US. Will it impact Indian workforce?

India TV News  

The office-sharing company, WeWork, has filed for Chapter 11 bankruptcy protection, a stunning fall of the organisation once seen as a Wall Street darling that promised to upend the way people went to work around the world. In a late Monday announcement, WeWork said it entered into a restructuring support agreement with stakeholders to “drastically reduce” the company’s debt while …

WeWork stock halted as rumors swirl about bankruptcy preparations for the office sharing company
1 year, 2 months ago

WeWork stock halted as rumors swirl about bankruptcy preparations for the office sharing company

Associated Press  

NEW YORK — Trading in shares of WeWork were halted Monday as rumors swirl that the office sharing company, once valued as high as $47 billion, will seek bankruptcy protection. A WeWork spokesperson said last week that the company does not comment on speculation and did not immediately return messages after trading in the company’s stock was halted Monday. Despite …

WeWork’s multibillion-dollar rescue couldn’t save it from office bust
1 year, 2 months ago

WeWork’s multibillion-dollar rescue couldn’t save it from office bust

LA Times  

Embattled office-sharing firm WeWork on Aug. 8 warned U.S. regulators that it was in financial peril. When WeWork announced a multibillion-dollar rescue package earlier this year, the company’s management hailed it as a fresh start for the long-struggling global network of shared office spaces. “That means the company is likely to reorganize in Chapter 11 and continue operating in order …

WeWork could file for bankruptcy within days
1 year, 2 months ago

WeWork could file for bankruptcy within days

The Telegraph  

WeWork is reportedly planning on filing for bankruptcy as early as next week. WeWork, which takes long leases from office providers and sublets them on monthly contracts, has lost nearly 98pc of its market value in the past year as people continue to work from home. WeWork, once a darling of Silicon Valley that was valued at $47bn, warned in …

WeWork sounds the alarm, prompting speculation around the company’s future
1 year, 4 months ago

WeWork sounds the alarm, prompting speculation around the company’s future

Associated Press  

NEW YORK — WeWork has sounded the alarm on its ability to stay in business, prompting speculation around the future of the troubled workspace-sharing company. Last week, WeWork warned there was “substantial doubt” about the New York-based company’s “ability to continue as a going concern” — which is accounting-speak for having the resources needed to operate and stay in business. …

Once worth $47 billion, WeWork shares near zero after bankruptcy warning
1 year, 4 months ago

Once worth $47 billion, WeWork shares near zero after bankruptcy warning

Hindustan Times  

WeWork shares approached zero on Wednesday after the one-time startup darling warned it could go bankrupt in a stunning reversal of fortune for a company that was once privately valued at $47 billion. Since its debut through a blank-check merger in October 2021, WeWork's shares have lost nearly all of their value, and were trading on Wednesday at 13 cents …

WeWork warns there’s ‘substantial doubt’ about its ability to stay in business
1 year, 5 months ago

WeWork warns there’s ‘substantial doubt’ about its ability to stay in business

Associated Press  

NEW YORK — WeWork is warning there’s “substantial doubt” about its ability to stay in business over the next year because of its financial losses and its need for cash, among other factors. The New York-based workspace-sharing company said Tuesday that its ability to stay in operation is contingent upon improving its liquidity and profitability over the next 12 months. …

WeWork says it has doubts about its future, business may go bust
1 year, 5 months ago

WeWork says it has doubts about its future, business may go bust

India Today  

WeWork, a company that provides flexible workspaces, is seemingly facing some challenges. This uncertainty led WeWork to issue a "going-concern" warning, which is a notice that public companies issue when they are worried about not having enough funds to cover their expenses over the next year. The company attributed its concerns to several factors, including losses it has incurred, the …

WeWork has ‘substantial doubt’ it can stay in business
1 year, 5 months ago

WeWork has ‘substantial doubt’ it can stay in business

LA Times  

WeWork said occupancy of its office spaces dropped last quarter compared with the quarter before. WeWork said there’s “substantial doubt” about its ability to continue operating, citing sustained losses and canceled memberships to its office spaces. The co-working company will focus over the next 12 months on reducing rental costs, negotiating more favorable leases, increasing revenue and raising capital, WeWork …

Warmer welcome for WeWork 2 years later on Wall Street
3 years, 2 months ago

Warmer welcome for WeWork 2 years later on Wall Street

Associated Press  

WeWork will become a publicly traded company Thursday after a spectacular collapse during its first attempt to do so two years ago. WeWork is emerging more than a year into a pandemic that closed millions of square feet off office space and the hope is that a work environment turned upside down is the ideal time for a company that …

WeWork revives plans to go public, this time with a SPAC deal
3 years, 9 months ago

WeWork revives plans to go public, this time with a SPAC deal

Al Jazeera  

Office-sharing firm WeWork, valued as high as $47bn two years ago, will try again to go public, this time through a special purpose acquisition company merger that values the firm at $9bn. WeWork agreed to sell itself to a blank-check company in a deal to take the troubled office-sharing startup public almost two years after a high-profile failed listing. New …

Office-sharing startup WeWork India lays off 20% of workforce as COVID-19 lockdowns weigh; eyes to be profitable by early 2021
4 years, 7 months ago

Office-sharing startup WeWork India lays off 20% of workforce as COVID-19 lockdowns weigh; eyes to be profitable by early 2021

Firstpost  

In October last year, WeWork India’s chief shareholder Jitu Virwani had said the company would be profitable by end of 2020. Bengaluru: WeWork’s India franchise said on Tuesday it laid off 100 employees, or 20 percent of its workforce, as the office-sharing startup joins a slew of firms that are cutting costs and revamping operations as a prolonged nationwide lockdown …

WeWork is all about community. Will social distancing crash its business model?
4 years, 8 months ago

WeWork is all about community. Will social distancing crash its business model?

LA Times  

The business model for WeWork and other co-working companies is under pressure because of the coronavirus pandemic and economic downturn. “The idea was to rent more square footage than they were actually leasing and play that arbitrage,” said Christopher Rising of Rising Realty Partners, a Los Angeles-based landlord who has WeWork as a tenant in one of his office buildings. …

WeWork is laying off 2,400 employees globally after a $9.5 bn bailout by investor SoftBank Group
5 years, 1 month ago

WeWork is laying off 2,400 employees globally after a $9.5 bn bailout by investor SoftBank Group

Firstpost  

The layoffs began weeks ago overseas and continued this week in the United States, WeWork said. WeWork said on Thursday it is laying off around 2,400 employees, almost 20 percent of its workforce, as the office-sharing company seeks to drastically cut costs after it transformed from a Wall Street darling into a pariah in a matter of weeks. The long-anticipated …

WeWork says it’s cutting 2,400 jobs globally
5 years, 1 month ago

WeWork says it’s cutting 2,400 jobs globally

Live Mint  

Long-anticipated layoffs at WeWork have begun, part of the struggling office-sharing company’s plan to cut costs after staggering losses. WeWork said Thursday that the reductions will affect 2,400 employees globally. The job cuts represent almost 20% of the company’s global workforce, which totaled 12,500 as of June 30. “We are grateful for the important roles they have played in building …

WeWork to sell MeetUp, cut jobs in 90-day turnaround plan
5 years, 2 months ago

WeWork to sell MeetUp, cut jobs in 90-day turnaround plan

Associated Press  

NEW YORK — WeWork said Friday it will divest from several side businesses and cut jobs as part of a 90-day plan to turn itself around following its botched attempt to sell stock on Wall Street. The office-sharing company will divest from five non-core businesses, including Meetup, the online community event organizer that WeWork bought in 2017, according to a …

WeWork puts ‘official pause’ on IPO to focus on core business
5 years, 3 months ago

WeWork puts ‘official pause’ on IPO to focus on core business

Live Mint  

New York: WeWork is formally withdrawing the prospectus for its scrapped initial public offering, capping a botched effort to go public that cost its top executive his job. “This puts an official pause on our process of becoming a public company,” Artie Minson and Sebastian Gunningham, who took over last week as co-chief executive officers of WeWork parent We Co., …

WeWork is postponing its IPO
5 years, 3 months ago

WeWork is postponing its IPO

CNN  

New York CNN Business — WeWork’s parent company is postponing its plan to go public following a disastrous IPO attempt that resulted in its CEO stepping down. “We have decided to postpone our IPO to focus on our core business, the fundamentals of which remain strong,” The We Company’s new co-CEOs, Artie Minson and Sebastian Gunningham, said in a statement …

Boston Fed president warns co-working spaces like WeWork pose a risk to the US economy
5 years, 3 months ago

Boston Fed president warns co-working spaces like WeWork pose a risk to the US economy

CNN  

New York CNN Business — The growing popularity of co-working spaces like WeWork could pose a risk to the US economy in the next economic downturn, a Fed official warned on Friday. Boston Federal Reserve Bank President Eric Rosengren, who has publicly dissented with the Fed’s recent interest rate cuts, said lower rates will boost risk in “unexpected places.” “Evolving …

WeWork makes sweeping corporate governance changes in advance of its IPO
5 years, 3 months ago

WeWork makes sweeping corporate governance changes in advance of its IPO

CNN  

New York CNN Business — WeWork’s parent company said Friday it would make substantial changes to the oversight of its business after investors voiced dissatisfaction with the unusual governance structure ahead of a planned IPO. The filing also now promises that “No member of Adam’s family will sit on our board.” The filing comes amid a flurry of reports that …

WeWork reveals rapid growth and massive losses ahead of IPO
5 years, 4 months ago

WeWork reveals rapid growth and massive losses ahead of IPO

Associated Press  

NEW YORK — WeWork’s parent company gave investors the most detailed look yet at its finances Wednesday, revealing breakneck growth on the back of massive losses as the office-sharing company prepares for a highly anticipated debut on the stock market. Investors are looking for a clearer picture of how the venture capital darling plans to chart a path toward profitability, …

WeWork files for IPO after losing $1.9 billion last year
5 years, 4 months ago

WeWork files for IPO after losing $1.9 billion last year

CNN  

New York CNN Business — Money-losing tech companies like Uber and Lyft have struggled to win over investors since going public earlier this year. The company plans to list under the symbol “WE.” The company is moving forward with its plans to go public despite losing a staggering $1.9 billion last year, according to its IPO prospectus, an unprecedented amount …

WeWork isn’t just selling desk space. It’s selling a new-age community
5 years, 8 months ago

WeWork isn’t just selling desk space. It’s selling a new-age community

CNN  

New York CNN Business — Office workers who embrace a “Thank God It’s Monday” motto. “As one of the world’s largest physical networks, it is our responsibility to help lead the way and set the global example for people and corporations on how we should take care of each other and of our planet,” CEO Adam Neumann told staff this …

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