WeWork plans to file for bankruptcy, WSJ reports

WeWork Inc. could be filing for bankruptcy as early as next week, according to a Tuesday Wall Street Journal report. The New York-based co-working giant had one of the most remarkable trajectories of the startup boom, which saw it rise to a spectacular US$47 billion valuation before the market’s confidence in the company nosedived leading up to its disastrous attempt at an initial public offering.

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The downward spiral was further compounded by the pandemic, which dealt a devastating blow to the company’s co-working business model. A spokesperson for the company said it will not comment on speculation and instead pointed to the part of a filing that stated the firm had entered into a seven-day forbearance agreement with its creditors. This will allow the company to “continue in the positive conversation with our key financial stakeholders” and “enhance our capital structure.”

WeWork was founded in 2010 as the venture capital market was beginning its decade-long boom. Led by the charismatic Adam Neumann, the company managed to raise billions in investments and doubled in revenue each year. At some point, it was one of the most valuables startups in the United States and operated offices around the world.

In addition to its main business, WeWork also indulged in tangential projects such as WeGrow, an elementary school, WeLive, its two residential buildings, and Rise By We, its gym concept.

Filing for bankruptcy protection in the state of New Jersey seems like the most likely outcome, according to the Journal. Whatever comes of this, WeWork’s employees, creditors and investors are sure to be affected by the company’s future.