WeWork, struggling with a heavy debt load and hefty losses for a few years now, was once privately valued at $47-billion and now has a market capitalization of just about $121-million
shares tanked over 35 per cent in premarket trading on Wednesday after media reports that the flexible workspace provider was planning to file for bankruptcy as early as next week.
The bankruptcy filing would follow a series of troubles for the SoftBank-backed company since its IPO plans imploded in 2019 on skepticism over its business model of taking long-term leases and renting them for short term. “Although the façade had started to be chipped away to reveal big losses and high debts before the pandemic, the COVID-crisis put paid to its already weak business model,” said Susannah Streeter, head of money and markets, Hargreaves Lansdown.
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