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Spare a Quarter?
The music has stopped for German co-living brand Quarters, whose U.S. expansion is ending in bankruptcy.
Eight properties and two LLCs tied to the company filed for Chapter 7 bankruptcy, listing between $1 million and $5 million in combined liabilities and less than $500,000 assets.
Quarters is an offshoot of Berlin-based Medici Living Group, which was founded in 2012 and pitched itself as the “WeWork of co-living.” After raising $1.4 billion to add locations in Europe, Quarters raised $300 million to expand to the U.S. in early 2019. The company signs master leases and then operates co-living spaces.
As of 2019, Quarters was aiming to have 9,000 rooms globally but by last year it only had 5,000. It now claims to have 3,000 rooms with 95 percent occupancy.
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From left: Knotel’s Amol Sarva; Breather’s Bryan Murphy; WeWork’s Sandeep Mathrani and IWG’s Mark Dixon
Montreal-based Breather, a company that rents workspaces by the day, made a bold announcement last month that reverberated throughout the world of flex-office operators.
“Breather, in its current form as an operator, doesn’t make sense. And, to be frank, I’m not sure it ever made sense,” CEO Bryan Murphy told the Globe and Mail as he announced the startup would close all of its locations in the U.S., Great Britain and Canada.
Flex-office companies emerged from 2020 bruised and battered. But they say that whatever doesn’t kill you and, to be sure, some companies were dealt a fatal blow only makes you stronger.