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Business / 6 months ago
WeWork Finds a New Co-Working Space: Bankruptcy Court!
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WeWork: From Cutting-Edge Co-Working Spaces to Bankruptcy Court Survival
WeWork, the multinational co-working space provider and king of flexible desks, has presented its latest distinctive office location: The awe-inspiring confines of the Bankruptcy Court. Yes, you read that right. Stunning architecture and the sweet, intoxicating aroma of paperwork will replace the standard communal coffee machines, bean bags, and free beer, as the company dives headfirst into Chapter 11. After a precipitous fall from being heralded as "the future of the office space," WeWork has now secured its place as "the future of financial cautionary tales," boasting liabilities between $10 billion and $50 billion. Or, to put it in layman's terms, more than enough money to buy the actual moon and turn it into a gigantic, celestial co-working space, complete with a lunar barista. Reportedly, WeWork's filing will give it the much-needed breathing room from creditors brandishing bill collection notices and eager to recover money. Moreover, it will also provide WeWork with some new tools for negotiations with landlords, though fears abound that these tools may essentially be limited to "charm offensive strategies" and "innocent begging." WeWork prided itself on its flexible rental model, positioned as the perfect solution for the nomadic, adventurous millennial start-up owner with an OCD for chic decor and an allergy to long-term commitments. However, rampant expansion and cowboy approach to financial management concealed the company's teeth-grinding costs and haemorrhaging bank balances, the very traits that every new-age entrepreneur aims to avoid. "I am deeply…" began an elusive spokesperson for the company when asked for comments. Whether they meant to say "remorseful," "optimistic," or "hungry" is yet to be confirmed as they promptly vanished mid-sentence. As things stand, WeWork's future, much like its statement, hangs in the balance. In true entrepreneurial spirit, WeWork is expected to turn its latest shortcoming into a selling point by utilizing empty courtrooms as convenient, law-firm-friendly and already-bankruptcy-proof office space, complete with an on-site lawyer. Indeed, embrace the hustle and never stop grinding. Or in this case, grinding against the remorseless gears of the judicial system.
posted 6 months ago

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Original title: WeWork files for bankruptcy in the US

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