Wework bankruptcy
https://www.bloomberg.com/news/articles/2023-10-31/wework-plans-to-file-for-bankruptcy-wsj-reports Stock 35% down after hours. Who’s next? #tech #wework #weworkstock
Btw WeWork is not a tech company but a real estate company
Tech is such a loose word these days
Cisco is not a tech company, but a router company
What does that mean now? They shutting doors?
No, not necessarily. Airlines have filed bankruptcy many times and continued to operate flights. All of the big American airlines filed for bankruptcy after 9/11, but they still exist today. WeWork will use this bankruptcy to negotiate their leases and get more favorable terms. They’ll probably exit some buildings and markets, but it’s not going to be overnight. They’ll also probably lay people off to save money. Part of the bankruptcy proceedings will be to find ways to cut costs to pay off the people (landlords and vendors) they owe.
So you think it could be a good time to buy their stock? Or will stock be delisted?
Adam neumann was a great guy.
He was a great guy who spent the WeWork money for his own benefit.