Citing financial losses, cash needs, and a drop in memberships, WeWork said in a filing with the Securities and Exchange Commission that"substantial doubt exists about the company's ability to continue as a going concern."
WeWork's plan for the year ahead includes restructuring, negotiating more favorable terms on leases, beefing up membership and possibly even issuing debt or selling off assets, the SEC filing said. WeWork's share price has been below a dollar for months and fell to 16 cents in after-market trading on Tuesday.
The company has been in trouble since Neumann's forced departure in late 2019 following WeWork's failed IPO, in which the company's valuation fell from $47-billion to less than $10-billion.
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