Real Estate
Co-Living Pioneer Common Files for Bankruptcy, Will Liquidate
- Company received over $100 million in venture capital backing
- Habyt-owned firm operates in 12 cities and has 5,200 units
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Common, once the largest co-living company in North America, filed for bankruptcy and will liquidate after it was squeezed by overhead costs and rising interest rates.
The company sought Chapter 7 protection — where a company’s assets are sold off to repay creditors — in Delaware on Friday, according to court papers. Common listed assets of up to $10 million against liabilities of as much as $50 million in its petition.