WeWork Files for Bankruptcy Amid Glut of Empty Offices
Summary
WeWork, the real estate company that offered start-ups and individuals sleek quarters to pursue their entrepreneurial dreams, filed for bankruptcy protection in the United States on Monday after years of struggling to find its footing. “As part of today’s filing, WeWork is requesting the ability to reject the leases of certain locations, which are largely nonoperational, and all affected members have received advanced notice,” the company said in a statement. And last month, WeWork said it would miss interest payments totaling $95 million — a move intended to help it negotiate with its lenders as it sought to cut costs with its landlords. The financial challenges are the retrenchment of a start-up that once sought to “elevate the world’s consciousness.” WeWork was founded in 2010 by Adam Neumann and Miguel McKelvey, and opened its first location in Lower Manhattan in 2011. It was the largest private tenant in Manhattan and one of the most valuable start-ups at a time when Silicon Valley investors were pouring fanciful amounts of money into young companies.