We Work No More
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In September of 2019, I published an episode on the podcast entitled \\u201cWhy Wework doesn\\u2019t work.\\u201d This week Wework filed for Chapter 11 bankruptcy protection in NJ. The bankruptcy filing affects the main company, and over 400 subsidiary entities that also simultaneously filed for bankruptcy.
\\nThe landscape is littered with companies that have made long term obligations and have only secured short term sources of revenue to cover those long term obligations. Wework signed long term leases, many with payment guarantees that stretched years into the future. The only way out of those leases was would be to force a reorganization in a bankruptcy proceeding. The company\\u2019s balance sheet shows about 16B in assets and $18B in debts.\\xa0
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\\nHost: Victor Menasce
\\nemail: podcast@victorjm.com
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