News Reports Suggest WeWork Will File for Bankruptcy

01 November 2023

Both Reuters and the Wall Street Journal have reported that co-working office space company WeWork will file for bankruptcy “as early as next week”.

Shares fell by 32 per cent after the Wall Street Journal first shared the news on 31 October 2023. The news website cited “people familiar with the matter” in their report, who told them that WeWork was considering filing a voluntary Chapter 11 petition in New Jersey.

WeWork’s shares dropped by 24 per cent in August 2023 after Interim CEO David Tolley described “a difficult operating environment” and “increasing competition in flexible space” causing “substantial doubt” over the company’s future.

As of June 30, 2023, the company reported net long-term debt of $2.9 billion.

Picture: a black and white photograph showing the exterior of a WeWork office. Image Credit: Unsplash

Article written by Ella Tansley | Published 01 November 2023

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