Page 39 - Wework News Today

Inside Business podcast with Ciarán Hancock

By Ben Glickman Shares of WeWork dropped sharply Tuesday on reports that the company was planning to file for bankruptcy as soon as next week. The stock was...

WeWork, the flexible workspace solutions company that was once the darling of startup-crazyed Wall Street, is facing the grim reality of bankruptcy, with its stock plummeting to new lows amid ongoing financial turmoil.

Embattled flexible workspace provider WeWork is in "selective default" after failing to meet conditions set by debt holders, ratings agency S&P said Wednesday.But S&P characterized the company's status as one of "selective default."

WeWork's financial decline, and likely bankruptcy, may have left some VC firms with losses. The industry hasn't learned a thing from the episode.

The company has been in turmoil ever since its plans to go public in 2019 imploded following investors skepticism over its business model of taking long-term leases and renting them for the short term and on worries over its hefty losses.

Stocks slump more than 20pc in six months despite increasing profits

Co-working company WeWork could file for bankruptcy as early as next week, according to several reports. Bloomberg sources, who chose not to be id...

WeWork, a company once valued at $47 billion, now sells for around $1.12 per share at a market capitalization of $59 million.

WeWork's financial decline, and likely bankruptcy, may have left some VC firms with losses. The industry hasn't learned a thing from the episode.