Shared office giant WeWork, which has been in dire financial straits for years, has announced that it has filed for bankruptcy in an attempt to negotiate debt relief. The company said the measure will impact operations in the United States and Canada, but “global operations are expected to continue as usual.”
“Now is the time for us to move forward into the future by aggressively addressing our legacy leases and significantly improving our balance sheet,” Chief Executive Officer David Tolley said in a statement.
“We have defined a new category of work and these steps will allow us to remain a global leader in flexible working.” WeWork warned US stock market regulator SEC in early August that it feared for its survival: “There are substantial doubts about the company’s ability to continue as a going concern.” According to the company, the cause: financial losses, liquidity needs and a decline in the number of tenants. It had explained that it had lost billions of dollars in the first six months of 2023, due to a drop in demand linked to poor economic conditions.
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2023-11-07 04:38:00
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