Yuki Iwamura/Bloomberg via Getty Images(NEW YORK) WeWork, the office-sharing company that experienced a dazzling rise and sudden decline that came to symbolize the excesses of business startup culture, filed for bankruptcy on Monday.
In 2019, the company was valued at $47 billion. By last week, that figure had plummeted to $45 million, with shares of WeWork s stock falling more than 98% since the beginning of the year.
Creditors holding 92% of the company s secured debt agreed on a restructuring plan that would include cutting back its portfolio of office leases, WeWork said in a statement on Monday.
"Now is the time for us to pull the future forward by aggressively addressing our legacy leases and dramatically improving our balance sheet," WeWork CEO David Tolley said in the statement.
Popularized by a charismatic co-founder and fueled by an era of cheap borrowing, WeWork expanded the old-fashioned business of commercial real estate into a vision of transforming the w
Yuki Iwamura/Bloomberg via Getty Images(NEW YORK) WeWork, the office-sharing company that experienced a dazzling rise and sudden decline that came to symbolize the excesses of business startup culture, filed for bankruptcy on Monday.
In 2019, the company was valued at $47 billion. By last week, that figure had plummeted to $45 million, with shares of WeWork s stock falling more than 98% since the beginning of the year.
Creditors holding 92% of the company s secured debt agreed on a restructuring plan that would include cutting back its portfolio of office leases, WeWork said in a statement on Monday.
"Now is the time for us to pull the future forward by aggressively addressing our legacy leases and dramatically improving our balance sheet," WeWork CEO David Tolley said in the statement.
Popularized by a charismatic co-founder and fueled by an era of cheap borrowing, WeWork expanded the old-fashioned business of commercial real estate into a vision of transforming the w
Yuki Iwamura/Bloomberg via Getty Images(NEW YORK) WeWork, the office-sharing company that experienced a dazzling rise and sudden decline that came to symbolize the excesses of business startup culture, filed for bankruptcy on Monday.
In 2019, the company was valued at $47 billion. By last week, that figure had plummeted to $45 million, with shares of WeWork s stock falling more than 98% since the beginning of the year.
Creditors holding 92% of the company s secured debt agreed on a restructuring plan that would include cutting back its portfolio of office leases, WeWork said in a statement on Monday.
"Now is the time for us to pull the future forward by aggressively addressing our legacy leases and dramatically improving our balance sheet," WeWork CEO David Tolley said in the statement.
Popularized by a charismatic co-founder and fueled by an era of cheap borrowing, WeWork expanded the old-fashioned business of commercial real estate into a vision of transforming the w
Yuki Iwamura/Bloomberg via Getty Images(NEW YORK) WeWork, the office-sharing company that experienced a dazzling rise and sudden decline that came to symbolize the excesses of business startup culture, filed for bankruptcy on Monday.
In 2019, the company was valued at $47 billion. By last week, that figure had plummeted to $45 million, with shares of WeWork s stock falling more than 98% since the beginning of the year.
Creditors holding 92% of the company s secured debt agreed on a restructuring plan that would include cutting back its portfolio of office leases, WeWork said in a statement on Monday.
"Now is the time for us to pull the future forward by aggressively addressing our legacy leases and dramatically improving our balance sheet," WeWork CEO David Tolley said in the statement.
Popularized by a charismatic co-founder and fueled by an era of cheap borrowing, WeWork expanded the old-fashioned business of commercial real estate into a vision of transforming the w
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