WeWork, the SoftBank Group-backed startup whose meteoric rise and fall reshaped the office sector globally, sought US bankruptcy protection on Monday, after its bets on companies using more of its …
WeWork faces $30M lawsuit as DivcoWest demands full payment amid bankruptcy threatWeWork, the SoftBank Group-backed startup whose meteoric rise and fall reshaped the office sector globally, sought US bankruptcy protection on Monday, after its bets on companies using more of its office-sharing space soured.
Profitability has remained elusive as WeWork grapples with its expensive leases and corporate clients canceling because some employees work from home. Paying for space consumed 74% of WeWork’s revenue in the second quarter of 2023. “WeWork could use provisions of the U.S. bankruptcy code to rid itself of onerous leases,” law firm Cadwalader, Wickersham & Taft LLP said in a note to landlords on its website in August. Some landlords are bracing for a significant impact.It attracted investments from bluechip investors, including SoftBank and venture capital firm Benchmark, as well as the backing of major Wall Street Banks, including JPMorgan Chase.
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