the staff of the Ridgewood blog
Ridgewood NJ, WeWork, facing a massive debt load and significant losses, is planning to file for bankruptcy as early as next week, with the possibility of a Chapter 11 petition filed in New Jersey, according to sources. The flexible workspace provider’s shares plunged by 32% following this news, marking a significant setback for a company once valued at $47 billion in 2019. The filing for bankruptcy reflects the challenges WeWork has faced in recent years, particularly after its failed attempt to go public in 2019, and highlights the difficulties of its business model in the commercial real estate sector.
The number one rule in my employee handbook: Never go back on your word when you’ve promised your dedicated employees unlimited free beer.
During its peak with a $47 billion valuation, WeWork’s CEO, Adam Neumann, enticed employees with the offer of unlimited beer. However, this perk was later restricted to just four beers per day. Now, the co-working company is on the verge of filing for bankruptcy next week, and its stock price has plummeted over 99% from its initial listing price a few years ago.
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