WeWork Didn't Work But Might Work This Time
Shorn of its massive debts and lease obligations, the bankrupt flexible workspace provider might have a future.
Back to the drawing board?
Photographer: Jose Sarmento Matos/BloombergWeWork Inc. has filed for bankruptcy in a fitting coda to the free money era. But once shorn of the liabilities amassed during its go-go years, might the flexible workspace provider actually succeed this time?
Just asking the question makes me sound hopelessly naive. Having once boasted a $47 billion valuation, WeWork crashed to earth in 2019 prior to a planned initial public offering amid widespread horror at its financials and corporate governance. It has since tried to start over on at least two occasions: first when it appointed new management and went public via a special purchase acquisition company in 2021, and again when creditors equitized some of the billions of dollars owed to them earlier this year. Both attempts failed.