WeWork plans to file for bankruptcy, WSJ reports

WeWork inc. is reportedly planning to file for bankruptcy as soon as next week, following its disastrous attempt at an initial public offering (IPO) and challenges to its co-working model triggered by the pandemic. Monday, the company entered a forbearance agreement to give it more time to “improve its balance sheet” and “rationalize its real estate footprint.”

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The company has not commented on speculation and continues to express their vision and “clear, long-term” goals. Through a spokesperson, WeWork clarified that the agreement would enable them to have positive dialogue with their key financial stakeholders to improve their capital structure.

WeWork blossomed in 2010, when the markets for venture capital was booming, propelling the company’s meteoric rise as it quickly doubled in revenue each year. The company achieved a valuation of US$47 billion before its attempt to go public.

Besides its co-working model, WeWork also expanded into areas like WeGrow, a private elementary school, two residential buildings, WeLive and a gym called Rise By We.

The company may file for Chapter 11 bankruptcy in New Jersey, as per the Wall Street Journal.

However, CICT and CDL remain unaffected by WeWork’s potential bankruptcy.