WeWork hailed a multibillion-dollar rescue package announced earlier this year as a fresh start. Now it's on the verge of filing for bankruptcy.
When WeWork announced a multibillion-dollar rescue package earlier this year, the company’s management hailed it as a fresh start for the long-struggling global network of shared office spaces. The deal would cancel burdensome interest payments, provide funding for years to come and support a revamped plan for profitability, they said at the time. Just eight months later, the coworking company is on the verge of filing for bankruptcy protection.
What’s worse, it became apparent that founder Adam Neumann was lending and leasing to himself in a quagmire of conflicted interests. Within months, Neumann was out, WeWork almost ran out of cash and SoftBank agreed to bail the company out. Under new management WeWork sold off side businesses, exited less-profitable buildings and eventually went public via a special-purpose acquisition company in 2021 at a fraction of its former valuation. One thing remained the same, however: the losses.
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