Bankruptcy warning signals the end for office-sharing firm after years of hype and woes
WeWork's warning that it is teetering on the edge of bankruptcy sent the office-sharing company's shares to nearly zero Wednesday in a spectacular fall for a firm once valued at tens of billions of dollars.
The news signals the end of what has been the company's years-long, tumultuous, cash-burning quest to make its luxe workplace subleasing model work.
WeWork was founded in 2011, and its "space-as-a-service" pitch proved alluring to investors and customers alike.
The company based in New York drew intrigue for its innovative approach to work spaces for small firms and grew to have a global footprint, even landing partnerships with several major corporations, including Salesforce and Microsoft.
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WeWork's warning that it is teetering on the edge of bankruptcy sent the office-sharing company's shares to nearly zero Wednesday in a spectacular fall for a firm once valued at tens of billions of dollars.
The news signals the end of what has been the company's years-long, tumultuous, cash-burning quest to make its luxe workplace subleasing model work.
WeWork was founded in 2011, and its "space-as-a-service" pitch proved alluring to investors and customers alike.
The company based in New York drew intrigue for its innovative approach to work spaces for small firms and grew to have a global footprint, even landing partnerships with several major corporations, including Salesforce and Microsoft.
WeWork files for bankruptcy: How the company tumbled after a valuation of $47B in 2019
WeWork has filed for bankruptcy, months after hinting it was teetering on the edge. FOX Business gives a timeline of the long-suffering office-sharing company's years of troubles.
