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

  • 📰 SooToday
  • ⏱ Reading Time:
  • 43 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 20%
  • Publisher: 85%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

NEW YORK (AP) — 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.

The New York company said late Monday that it had entered into a restructuring agreement with most of its stakeholders aimed at slashing its debt, while it looks to trim its commercial office lease portfolio.

“WeWork as a company may survive, but they’ve got a tremendous amount of baggage,” she added. “The new management team has to prove that they’re good operators.” Its bankruptcy filing arrives at a time of incredible disruption in the commercial real estate market. The COVID-19 pandemic led to a spike in vacancies and major markets, from New York to San Francisco, are still struggling. And on a market-by-market and building-by-building level, landlords with exposure to WeWork could take significant hits if their leases are terminated.

How many WeWork locations will remain open going forward is not known. Tolley said Tuesday he expects WeWork to exit additional locations as talks continue with landlords — but hopes to leave as few as possible. The company says it plans to stay in the vast majority of its current markets.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 8. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

WeWork seeks bankruptcy protection in stunning fall for a company once valued close to $50 billionNEW YORK (AP) — 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.
Source: BurnabyNOW_News - 🏆 14. / 77 Read more »