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The Latest Breaking News from WeWork

Co-working firm WeWork files for bankruptcy in US amid office real estate downturn

WeWork, the desk renting company co-founded by Adam Neumann, has filed for bankruptcy in order to deal with its $13 billion in outstanding lease obligations. The group, which was once valued at $47 billion, saw its meteoric rise thwarted in 2019 when its heavy losses were exposed and during the…

France 24

Regus owner IWG to swoop for office bargains after WeWork bankruptcy

A British rival to WeWork today said it was eyeing the bankrupt business’s portfolio for acquisition opportunities after it posted a boost in sales.

Evening Standard

WeWork goes bankrupt in battle to bear down on debts

Office-sharing company WeWork has filed for bankruptcy in the US as it struggles to pay off billions of dollars of debt.

Evening Standard

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WeWork seeks bankruptcy protection, a stunning fall for a firm once valued at close to $50 billion

WeWork has filed for Chapter 11 bankruptcy protection, 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 Independent UK

WeWork files for bankruptcy after failing to recover from Covid-19 losses

Company that provides shared working spaces has been struggling with huge debts and losses incurred during the pandemic

The Independent UK

WeWork files for bankruptcy in a stunning downfall from its $47 billion heyday

With its flexible office spaces, WeWork once was seen as a Silicon Valley darling led by an eccentric and charismatic founder. Financial troubled intervened, followed by the pandemic.

WEKU

The dizzying rise, and even more vertiginous fall, of WeWork

Company sought to present itself at the heart of myriad utopian ideals, in pursuit of ‘mission’ to ‘elevate the world’s consciousness’

The Guardian - US

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WeWork, once a $47bn firm, files for bankruptcy after accruing $2.9bn debt

Company never recovered from 2019 ouster of founder Adam Neumann and remote work revolution

The Guardian - US

Stock Market Today: Stocks Enjoy Longest Winning Streak in Two Years

Markets continued to rally on hopes the Fed is done with interest rate hikes.

Kiplinger

WeWork co-founder says anticipated bankruptcy filing ‘disappointing’

Adam Neumann says seeing company struggle has been ‘challenging’ as trading of shares was suspended

The Guardian - US

WeWork to potentially file for bankruptcy as losses mount

WeWork may file for bankruptcy as early as next week after once being valued at $47 billion.

The Street

WeWork set to file for bankruptcy - could this be the end at last?

Years after a frankly colossal failure to go public and now under new leadership, WeWork is still struggling with its finances.

TechRadar

Sam Bankman-Fried makes himself out to be an absentee CEO in new testimony

The FTX cofounder tried to distance himself from the hole in FTX’s balance sheet.

Fortune

UK hosts first-ever global artificial intelligence safety summit

British Prime Minister Rishi Sunak hosts world leaders and tech executives at Bletchley Park to discuss the future of the AI industry. Also in this edition: office-sharing firm WeWork is reportedly close to filing for bankruptcy, and Greek olive oil producers face rising thefts as prices skyrocket.

France 24

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The Street

Report: WeWork will likely file for bankruptcy

This company once worth tens of billions of dollars could file for chapter 11 bankruptcy protection next week.

Evening Standard

WeWork shares plunge on reported plans to file for bankruptcy

The New York-based group has been struggling with a huge debt pile and mammoth losses and has already seen its share price decimated this year

The Guardian - AU

Afternoon Update: more interest rate rises likely; Victorian prison officers put spit hood on child; and WeWork to file for bankruptcy

The Reserve Bank looks increasingly likely to lift the cash rate as the IMF found inflation remained ‘sticky’

Evening Standard

WeWork gets boost in London as post-Summer office bookings rise

Flexible office provider WeWork has reported a big jump in demand for space in London in September as more staff returned to desks after the school holidays.

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Chicago Sun-Times

WeWork plans to renegotiate nearly all of its leases, after warning about its future

The company, which operates several locations in Chicago, said it would also exit “unfit and underperforming locations.”

The Street

What is a going concern qualification? Definition & examples

A going concern qualification refers to an opinion of substantial doubt as to a company’s ability to continue operations in the foreseeable future, and it is typically issued by an auditor overseeing the review of a company’s financial statements. The root of the phrase “going concern” is an ...

The Guardian - US

Fears grow for property sector as WeWork scrambles to stay afloat

As company warns of ‘substantial doubt’ over its future, experts say consequences for commercial landlords could be dire

The Independent UK

WeWork's future: What to know after the company sounds the alarm on its ability to stay in business

WeWork said last week there was “substantial doubt” about its ability to stay in business, prompting speculation around the future of the troubled workspace-sharing company

The Street

WeWork, from unicorn to penny stock: A timeline

WeWork, a tech company that operates rent-based shared workspaces in metropolitan areas across the globe, has fallen on hard times. Despite at one time reaching unicorn status and a valuation topping $47 billion, it has yet to turn in a profit from its billions of dollars in investments, and ...

The Independent UK

WeWork warned of 'substantial doubt’ about its ability to stay in business. Here's what that means

WeWork said last week there was “substantial doubt” about its ability to stay in business, prompting speculation around the future of the troubled workspace-sharing company

Fortune

What happens to your coworking space if WeWork goes bankrupt?

WeWork members are not traditional tenants with leases or subleases. That means they have far fewer rights and protections in the event that WeWork goes kaput.

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