WeWork Files for Bankruptcy

WeWork, a provider of coworking spaces, including physical and virtual shared spaces, headquartered in New York City has just filed for Chapter 11 bankruptcy in New Jersey.

As of December 31, 2022, the company operated 43.9 million square feet of commercial space, including 18.3 million square feet (1,700,000 m2) in the United States and Canada, in 779 locations in 39 countries.

Last month, WeWork said it would miss interest payments of $95 million. After a 30-day grace period, which is set to expire tomorrow, the company leadership has decided to file for bankruptcy. The slashing of corporate office space due to the pandemic and post-pandemic telework has had a significant impact on the commercial real estate giant. Trading of the company stocks was suspended today.

 

Tessaron
Tessaron
United States Military Academy and American Military University Alumni. Victor covers flash military, intelligence, and geo-political updates.

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