this post was submitted on 07 Nov 2023
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This is the best summary I could come up with:
Investors were unimpressed with a company that counted its founder and CEO, Adam Neumann, as a significant risk factor.
Its fall was eventually captured in both a documentary for Hulu, WeWork: Or the Making and Breaking of a $47 Billion Unicorn, and the podcast-turned-TV show for Apple TV, WeCrashed.
Afterward, Neumann was ousted, and Japanese telecommunications giant SoftBank — which reportedly invested $18.5 billion into WeWork — took over 80 percent of the company.
In the press release announcing its Chapter 11 filing, the company says, “As part of today’s filing, WeWork is requesting the ability to reject the leases of certain locations, which are largely non-operational and all affected members have received advanced notice.” The company says it has reached restructuring agreements with creditors holding 92 percent of its debt.
An increase in remote working following the covid pandemic is credited as a contributing factor in WeWork’s fall from financial grace, as well as its massive operational costs.
On October 30th, WeWork told the US Securities and Exchange Commission that it had made agreements with creditors to temporarily postpone some of its debt payments.
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