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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

#81

Post by dools »

er4hn wrote: post #5
ssalka wrote: post #2

big if true. IMO wework defined a whole era of startups / working in tech, offering a cool environment with the flexibility to grow, shrink, or change locations as needed. it was also a great place to have an office for networking purposes. even though it's had its fair share of controversy, I'd be sad to see wework shut down.

Regus / Spaces (the "hipper" version of Regus, same parent company) existed long before WeWork. They're not as nice because they're run as an actual business but they do exist around the world and are perfectly fine places to get work done.

I use Regus, they're awesome.

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

#83

Post by pseingatl »

legostormtroopr wrote: post #67
jameslk wrote: post #35

Earlier quoted context omitted.

I had the pleasure of dealing with Regus / Spaces trying to enforce their contract and collect payment for office rent even though I couldn't go to their offices due to COVID and lockdowns (this was during the peak of it in April of 2020). I have to disagree that this company is perfectly fine to do business with, after so many calls and emails with them over this absurd matter and their egregious business practices…

Pretty hard to fault a company for trying to enforce contracts, especially in response to factors like COVID that are outside their control. It sucks, but if you sign a contract for a period of time for a specific service, outside factors that limit your ability to use the service are not their problem from a business perspective. If they allowed everyone to break contracts because government restrictions prevented p…

No force majeure clause in your rental contract? Even if it's not there, it's in the law.

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

#84

Post by oldgradstudent »

suprfsat wrote: post #8
ssalka wrote: post #2

big if true. IMO wework defined a whole era of startups / working in tech, offering a cool environment with the flexibility to grow, shrink, or change locations as needed. it was also a great place to have an office for networking purposes. even though it's had its fair share of controversy, I'd be sad to see wework shut down.

WeWork's innovation was "doing exactly that with vc money"

Their real innovation was a way of finding the stupidest VC money.

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

#85

Post by tomhoward »

vivekd wrote: post #31

It's Chapter 11, not a good thing but hardly the end of the company. We work should survive this, this doesn't mean the business isn't viable

Surely everyone's had enough of the WeWork catastrophe by now? What kind of investors would tip in more money to rescue it yet again?

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

#86

Post by Spooky23 »

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?

Not typically. The court basically reorganizes debts, etc. That may include sale or liquidation of some assets.

In this case, I’d venture to guess that leases are the biggest liability, and given the market, I’d imagine the landlords will take a bath.

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

#87

Post by timmeta »

With respect to the impact it made, this is the free market working as it should. WeWork needs to die and something more sensible rise in its place.

I've had to work out of WeWorks in many cities due to my employer, and have grown to hate the horrible echo of every single meeting room, the pointless phone booths that don't isolate any sound, and the steady degradation of all of the facilities. All that glass, all that echo, all the inane slogans and annoying "New York trust fund" hustle culture without substance.

This might give peace to the generally lovely staff that worked there, if not account for the major chunk of their life given to the faux equity dream. May we not see another like it.

PS: cue a16z tripling down on Adam in 3... 2... 1...

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

#88

Post by IG_Semmelweiss »

jameshart wrote: post #34
VirusNewbie wrote: post #3

Earlier quoted context omitted.

Buildings like WeWork have always existed. I remember being a teen and being shown the new 'office concept' in the early 2000s where you could just tap into an office buildings internet infrastructure so you didn't need to rent your own T1 lines, you'd get a phone system and fax machines and all that for one flat fee. If WeWork goes bankrupt, the investors will get wiped out but some other company will buy the buildi…

WeWork doesn’t own the buildings, they lease space in them. The companies that own the buildings still have the problem of finding tenants, and WeWork let them access smaller tenants and thus a more diverse client portfolio than commercial real estate owners can normally be bothered to service. Leasing to WeWork is a ‘gig economy’ side-hustle for a big office building owner to monetize more of their space, same as dr…

well said. The timing may be perfect for this in some markets. Then they could really become the SaaS (+services?) company they always pretended to be.

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

#89

Post by jrflowers »

mavelikara wrote: post #54
jrflowers wrote: post #47

Earlier quoted context omitted.

> 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 sam…

Of course, the average office desk worker carries nuclear codes in their back pocket and communicate with each other using furtive glances and discreet hand signals. It is totally unpardonable that a mass-market hipster coworking space did not consider them when designing their spaces. /s

> It is totally unpardonable that a mass-market hipster coworking space did not consider them when designing their spaces.

Quite the opposite! If WeWork doesn’t offer conference rooms with any smidgeon of privacy, then that’s simply not something that’s offered anywhere else. This fact is the basis of why your original question was a good one: Why would anyone stop paying WeWork?

Perhaps given the lack of privacy in any conference rooms anywhere, GP simply retired from professional life altogether. This may be the only compelling possible reason to stop paying WeWork for their service of providing some but not all of their basic business needs.

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

#90

Post by samuli »

api_or_ipa wrote: post #6

Pretty sad. I hope someone picks up the pieces and keeps the company going. Say what you will about the company and it's leadership, but WeWork as a service was splendid. Yes, there's lots of other short-term office providers, but I never found a competitor that executed on the vision of a world-wide lattice of places from which to work. Having a place to work vastly opened up my vacation cycles. Instead of travellin…

We used to be in Regus' offices, which had the option to use their spaces in other countries too. Not having used WeWork I do not know how it compares, but at least you can use Regus' office in Paris or Mexico City if you want.
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