The office-sharing company once seen as a Wall Street darling promised to upend the way people go to work around the world.
By Wyatte Grantham-Philips, Associated PressSeating areas at a WeWork workspace in the Manhattan borough of New York in 2019.
WeWork is also requesting the “ability to reject the leases of certain locations,” which the company says are largely non-operational, as part of the filing. Specific estimates of total impacted locations were not disclosed Monday, but all affected members have received advanced notice, the company said.
A sign for WeWork is displayed at the workspace-sharing office in the borough of Manhattan in New York, Aug. 9, 2023. WeWork will attempt renegotiate “nearly all” of its leases, the company said Wednesday, Sept. 6weeks after the workspace-sharing company sounded the alarm over its ability to stay in business.
In Monday’s filing, WeWork listed about $18.7 million in debts and $15.1 million in assets as of June 30. Beyond real estate costs, WeWork has pointed to increased member churn and other financial losses. In August, the company said that its ability to stay in operation was contingent upon improving its liquidity and profitability overall in the next year.
While the full impact of this week’s bankruptcy filing on WeWork’s real estate footprint is still uncertain, the company sounded an optimistic note Monday night.
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