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WeWork plans to file for bankruptcy as early as next week, source says

reuters.com

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Re: WeWork plans to file for bankruptcy as early as next week, source says

#41

Post by tharkun__ »

cowsandmilk wrote: post #28
mkwarman wrote: post #20

Earlier quoted context omitted.

I think it's likely they were literally referring to the economy rather than return to office, considering WeWork stands only to lose when employees work from their employer's office

In their 2019 S-1, WeWork stated 40% of their memberships were from companies with over 500 employees. For many companies, moving to remote did mean terminating WeWork memberships.

This is why I commented the way I did but I guess your parent found it down-vote-worthy.

One of my recent companies was one of those. A bit smaller but their entire office footprint was at WeWork offices in various places. Zero remote before Covid. Had to be in a WeWork office where they had a presence. Not even just "a" WeWork.

Re: WeWork plans to file for bankruptcy as early as next week, source says

#42

Post by hn_throwaway_99 »

cobertos wrote: post #38
JumpCrisscross wrote: post #16

Earlier quoted context omitted.

> hope someone picks up the pieces and keeps the company going WeWork is considering filing for Chapter 11 protection. They're not going for liquidation.

Doesn't the bankruptcy court liquidate pieces of the company on behalf of the creditors if that is part of the agreement that is reached?

That's Chapter 7 bankruptcy.

Re: WeWork plans to file for bankruptcy as early as next week, source says

#43

Post by mavelikara »

jrflowers wrote: post #40
mavelikara wrote: post #33

Earlier quoted context omitted.

> In any case that was the last time I set foot in a WeWork. Why? From your description, it sounds like they were serving one of your use cases perfectly well, but was not a good fit for your other use case.

I like this question. Why would a person stop paying for something that doesn’t fully suit their basic needs? Obviously if a configuration that worked didn’t exist at WeWork, surely it couldn’t exist anywhere at all?

That wasn’t the question. Question was why stop using a thing which serves you well, because it couldn’t do another thing to your satisfaction? I don’t blame my toothpaste for not caffeinating me enough.

The OPs ask is a very specific niche - conference rooms that can be used for highly confidential meetings. Even in a typical SV open office, most office rooms have glass walls which do not provide the confidentiality the OP seeks. Maybe few “exec rooms” will have that.

Re: WeWork plans to file for bankruptcy as early as next week, source says

#45

Post by yelling_cat »

numbsafari wrote: post #36
mavelikara wrote: post #33

Earlier quoted context omitted.

> In any case that was the last time I set foot in a WeWork. Why? From your description, it sounds like they were serving one of your use cases perfectly well, but was not a good fit for your other use case.

Probably because he would end up having to spend the same money on a place with better conference rooms. Why pay for two co-working facilities, just so you can use one that has quiet meeting spaces? WeWork was less about getting work done, and more about LARPing the experience of working for a FAANG and flexing someone else's money.

Exactly, and the facility with real conference rooms that we switched to had nice solo workspaces as well. The decor was a little more corporate, true, but we somehow struggled through that.

Re: WeWork plans to file for bankruptcy as early as next week, source says

#46

Post by howlingfantods »

Guys, it’s chapter 11 bankruptcy. Wework is not going out of business. One of the top uses of chapter 11 is to renegotiate/break commercial leases. Wework is going to continue as a company though it may shut down some locations. It is absolutely going to use chapter 11 to pressure landlords to renegotiate leases.

Re: WeWork plans to file for bankruptcy as early as next week, source says

#47

Post by jrflowers »

mavelikara wrote: post #43
jrflowers wrote: post #40

Earlier quoted context omitted.

I like this question. Why would a person stop paying for something that doesn’t fully suit their basic needs? Obviously if a configuration that worked didn’t exist at WeWork, surely it couldn’t exist anywhere at all?

That wasn’t the question. Question was why stop using a thing which serves you well, because it couldn’t do another thing to your satisfaction? I don’t blame my toothpaste for not caffeinating me enough. The OPs ask is a very specific niche - conference rooms that can be used for highly confidential meetings. Even in a typical SV open office, most office rooms have glass walls which do not provide the confidentiality…

> I don’t blame my toothpaste for not caffeinating me enough.

This illustrates why I like the question!

An office environment that includes even slightly private conference rooms is literally unthinkable.

I’m assuming maybe they have luxuries like that in the Pentagon and Cheyenne Mountain, but to picture a conference room that doesn’t require huddles and whispers in the same building as desk space is exactly the same as picturing tooth paste that serves the function of coffee. At worst it doesn’t exist at all or at best it’s a silly curio borne from a mad man’s flight of fancy.

Re: WeWork plans to file for bankruptcy as early as next week, source says

#48

Post by huehehue »

yelling_cat wrote: post #32

I'd used WeWork offices for solo work with no issues, so I didn't do sufficient diligence when I booked a conference room at one for a confidential client meeting. The room's walls were all clear and so thin that any conversation above a quiet murmur was easily heard from the hall outside. I asked the onsite manager for a more suitable room, but she told me they were all like that there. I ended up sticking the easel…

My experience with this extends to private offices as well. Maybe I just drew the short straw with my neighbors but, if I'm managing people, I want to give them the courtesy of a noise-free call where they don't feel like they're being spied on (or like I'm being distracted).

I tried maybe 3 or 4 private office solutions during the pandemic's height, and each suffered from this. The "phone booths" are the best solution, imo, but they eat up credits and/or are always occupied.

I'd unironically like a huge warehouse of phone booths (like 3x3 offices) I can hole myself in all day. Why does that not exist? Is that just a cubicle farm with extra steps? I joke to my partner about setting up shop in our closet because it's quiet and distraction free.

Re: WeWork plans to file for bankruptcy as early as next week, source says

#49

Post by tharkun__ »

fsckboy wrote: post #22
mkwarman wrote: post #20

Earlier quoted context omitted.

I think it's likely they were literally referring to the economy rather than return to office, considering WeWork stands only to lose when employees work from their employer's office

yes, I was, motivated by my extensive studies in the dismal science and finance, and my stock portfolio :)

The commercial real estate portion of my portfolio agrees with you.

The person that loves not having to go to an office does not ;)

Re: WeWork plans to file for bankruptcy as early as next week, source says

#50

Post by huevosabio »

yelling_cat wrote: post #32

I'd used WeWork offices for solo work with no issues, so I didn't do sufficient diligence when I booked a conference room at one for a confidential client meeting. The room's walls were all clear and so thin that any conversation above a quiet murmur was easily heard from the hall outside. I asked the onsite manager for a more suitable room, but she told me they were all like that there. I ended up sticking the easel…

I worked as a guest of a friend from a wework in SF. Took a meeting from a phone booth and then came back to one of the desks.

Later, another person went into the phone booth and I could hear everything. What's the purpose of the phone booth if it can isolate sound?

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