WeWork shares plunge on report of looming bankruptcy filing
- Shares of WeWork plummeted by more than a third in after-hours trading, as reports surfaced that the troubled company is planning to file for bankruptcy.
- WeWork's financial struggles have been ongoing, with net long-term debt reaching almost $3 billion in June and a loss of 98% of stock market valuation in the past year. The company had raised concerns over its business model of long-term leases and short-term rentals.
- WeWork's reduced valuation resulted in a postponed IPO and a decline in share value. The company has suffered from the impact of COVID-19, as well as multiple executive departures.
48 Articles
48 Articles
Startup Darling WeWork Teeters on the Brink of Bankruptcy
WeWork, the flexible workspace solutions company that was once the darling of startup-crazyed Wall Street, is facing the grim reality of bankruptcy, with its stock plummeting to new lows amid ongoing financial turmoil.
WeWork planea declararse en quiebra la próxima semana
WeWork planea declararse en quiebra la próxima semana REUTERS/Simon Newman/File Photo (Simon Newman/)WeWork planea declararse en quiebra la próxima semana, según una fuente ligada al proceso, ante los elevados niveles de deuda y pérdidas del grupo.La agencia Reuters indicó que las acciones de la proveedora de espacios de trabajo flexibles o “coworking” —participada por SoftBank Group— cayeron un 32% en las negociaciones ampliadas después de que …
WeWork Expected To File For Bankruptcy Next Week: Could The Stock See One More Pop? - WeWork (NYSE:WE)
WeWork Inc (NYSE: WE), the co-office space start-up that was once valued at nearly $50 billion (more than the market cap of Ford), will reportedly file for bankruptcy next week. The stock is now down more than 99% from its listing price but remains above $1 a share. Shares of companies that are on the verge of bankruptcy can sometimes experience a so-called ‘dead-cat bounce’ on the way out. Recall how, earlier this year, Bed Bath & Beyond’s sto…
The company would be ready to file for bankruptcy as early as next week, according to the Wall Street Journal.
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