WeWork Files for Bankruptcy Amid Glut of Empty Offices

[88m3]

WeWork Files for Bankruptcy Amid Glut of Empty Offices

The move is a blow for landlords who have rented space to the co-working group, which is planning a “comprehensive reorganization” that includes cutting some of its leases.

www.nytimes.com

Disrupters not making out so hot rn. I guess this was always going to happen eventually but they were massive at one time. I guess they never were able to transition to making a real profit. 18 billion of debt


@ogc163

 

[88m3]

WeWork’s stock has fallen more than 98 percent since the start of the year, and the company was valued at less than $45 million as of Friday. At its peak, in January 2019, the company was worth around $47 billion.

 

[42 Monks]

just incredible

 

[hashmander]

i'm shocked, no one could see this coming. time for the founder's next hustle. white privelege personified.

 

[Mindfield333]

Anybody bought a put in this? shyt down 8 bucks since August

 

[Champion]

• Moments after discussing a round of layoffs to cut costs in 2016, WeWork CEO Adam Neumann treated employees to tequila shots and a performance by a member of Run-DMC, according to a report from The Wall Street Journal's Eliot Brown.

WeWork CEO gave employees tequila shots after cost-cutting layoffs

Adam Neumann had asked WeWork staff to fire 20% of the company's employees each year, The Wall Street Journal reported.

www.businessinsider.com

 

[WIA20XX]

David Fincher is a prophet

 

[Consigliere]

What competitive advantage does WeWork have that can’t and isn’t being copied by any other company with access to leasable property?

That’s all you need to know about their value.

Amazing that idiots kept shoveling money into this dumpster fire even after the failed IPO.

They didn’t even have a tech advantage let alone a real estate one.

 

[Regular_P]

Disgusting that dikkhead Adam Neumann made off with $2 billion from this fiasco. This is what this country allows.

 

[Bboystyle]

Disgusting that dikkhead Adam Neumann made off with $2 billion from this fiasco. This is what this country allows.

Capitalism

 

[Geek Nasty]

I remember post-GFC seeing all the new office construction with all the vacancies in KC. There’s a lot of discussion online on how low interest rates hurt regular people way more than it helps.

 

[the next guy]

one of the most obvious scams in a while

 

[re'up]

David Fincher is a prophet

Fight Club ending scene?

 

[WIA20XX]

Fight Club ending scene?

Latest film, The Killer

 

[chineebai]

I loved working in weworks though. I’ve been in like 8 different wework offices throughout my career as they were popular with startups. The best part was the private bathrooms. They were clean as hell. A lot of them had beer on tap so I used to hit that up in the afternoons. Some had nitro cold brew coffee.