this post was submitted on 01 Nov 2023
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73
WeWork plans to file for bankruptcy as early as next week, source says (www.reuters.com)
submitted 10 months ago by L4s@lemmy.world to c/technology@lemmy.world
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WeWork plans to file for bankruptcy as early as next week, source says::WeWork's filing for bankruptcy would mark a stunning reversal of fortune for the New York-based company that was privately valued at $47 billion in 2019 and a black spot for investor SoftBank that sunk billions.

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[–] konalt@lemmy.world 18 points 10 months ago

They didn't work.

[–] autotldr@lemmings.world 7 points 10 months ago

This is the best summary I could come up with:

Oct 31 (Reuters) - WeWork (WE.N) plans to file for bankruptcy as early as next week, a source familiar with the matter said on Tuesday, as the SoftBank Group-backed company struggles with a massive debt pile and hefty losses.

New York-based WeWork is considering filing a Chapter 11 petition in New Jersey, the WSJ reported, citing people familiar with the matter.

Earlier on Tuesday, WeWork said it had entered into an agreement with creditors for temporary postponement of payments for some of its debt, with the grace period nearing an end.

The company has been in turmoil ever since its plans to go public in 2019 imploded following investors' skepticism over its business model of taking long-term leases and renting them for the short term and worries over its hefty losses.

Its major backer, Japanese conglomerate SoftBank, sunk tens of billions to prop up the startup, but the company has continued to lose money.

WeWork raised "substantial doubt" about its ability to continue operations in August, with numerous top executives, including CEO Sandeep Mathrani, departing this year.

The original article contains 296 words, the summary contains 177 words. Saved 40%. I'm a bot and I'm open source!

[–] LazaroFilm@lemmy.world 4 points 10 months ago

So, are people working at WeWork… now looking for a new job?

[–] 5BC2E7@lemmy.world 4 points 10 months ago

I never understood what type of value something like this adds. seems pointless and wasteful.

[–] NotMyOldRedditName@lemmy.world 1 points 10 months ago

The TV series about this was great.

[–] Caligvla@lemmy.dbzer0.com 0 points 10 months ago (1 children)

So many jokes to be made over this headline...

[–] YeetPics@mander.xyz 4 points 10 months ago* (last edited 10 months ago)

sigh.. I'll start..

'WeDontWork'