autotldr@lemmings.world
on 01 Nov 2023 10:45
nextcollapse
This is the best summary I could come up with:
Oct 31 (Reuters) - WeWork (WE.N) plans to file for bankruptcy as early as next week, a source familiar with the matter said on Tuesday, as the SoftBank Group-backed company struggles with a massive debt pile and hefty losses.
New York-based WeWork is considering filing a Chapter 11 petition in New Jersey, the WSJ reported, citing people familiar with the matter.
Earlier on Tuesday, WeWork said it had entered into an agreement with creditors for temporary postponement of payments for some of its debt, with the grace period nearing an end.
The company has been in turmoil ever since its plans to go public in 2019 imploded following investors’ skepticism over its business model of taking long-term leases and renting them for the short term and worries over its hefty losses.
Its major backer, Japanese conglomerate SoftBank, sunk tens of billions to prop up the startup, but the company has continued to lose money.
WeWork raised “substantial doubt” about its ability to continue operations in August, with numerous top executives, including CEO Sandeep Mathrani, departing this year.
The original article contains 296 words, the summary contains 177 words. Saved 40%. I’m a bot and I’m open source!
Pons_Aelius@kbin.social
on 01 Nov 2023 10:46
nextcollapse
I get that they can argue they didn’t deliberately do it, but there must be some kind of law that can be used to sue the execs and shareholders for doing that (if proven), right?
nonailsleft@lemm.ee
on 01 Nov 2023 16:50
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I love your optimism. Truly. But no law says a company can’t drain the bank account on salaries and bonuses and then be “shocked” when there isn’t enough money to keep the lights on.
expatriado@lemmy.world
on 01 Nov 2023 13:55
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WeBroke
Nighed@sffa.community
on 01 Nov 2023 11:55
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Any idea if this is a proper (shut down) bankruptcy, or a get cheaper leases bankruptcy?
Pons_Aelius@kbin.social
on 01 Nov 2023 12:13
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Based on the debts and lack of revenue they have. My guess it will be chapter 7 (wind up and liquidation) and not 11 (debt restructure).
breadsmasher@lemmy.world
on 01 Nov 2023 13:24
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Yup, 11 is the restructuring one. Very little will happen automatically, but they will try to renegotiate their leases. In a world where big companies are adjusting to WFH being a norm, though no longer the the norm, this has the feeling of pissing on a house fire. When their Chapter 11 restructuring fails, that's when they'll file for Chapter 7 (liquidation)
IWantToFuckSpez@kbin.social
on 01 Nov 2023 13:07
nextcollapse
WeWork was nothing but a scam to fleece money from investors. Only a fool would believe a real estate company is a tech company. And that fool is Masayoshi Son.
Kbin_space_program@kbin.social
on 01 Nov 2023 14:09
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The free wine and kombucha they had on tap was nice though.
residentmarchant@lemmy.world
on 01 Nov 2023 16:16
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One regret of mine was avoiding WeWorks while they were hyped up on VC money because I thought it was a stupid idea. Turns out I should have just drank the free beer and let them implode on their own
wjrii@kbin.social
on 01 Nov 2023 14:39
nextcollapse
WeWork: It's not a real estate company, it's a tech company!
Theranos: It's not a healthcare company, it's a tech company!
Juul: It's not a vape company, it's a tech company! (though oddly enough, they would have also accepted, "It's not a vape company, it's a healthcare company!)
FTX: It's not a pyramid schemefinancial company, it's a tech company!
uriel238@lemmy.blahaj.zone
on 02 Nov 2023 07:24
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What is sad is how we had to establish human rights on a computer in the 1990s, and then establish them again on the internet in the 2010s and now on a smartphone
Because with each iteration our legal system sides with overreaching law enforcement whenever it’s a new state of technology.
Hypx@kbin.social
on 01 Nov 2023 17:09
nextcollapse
There will come a day when people will realize that even tech companies aren't worth that much.
Older folk who went through the dotcom bubble burst should know, but they don’t somehow. Oh well a third once in a lifetime market crash in 20 years would just be icing on the molten icecaps cake
Chocrates@lemmy.world
on 01 Nov 2023 22:54
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I work in tech and I know it, Wall Street still doesn’t I guess. Just look at how much they think our LLM’s masquerading as AI are worth.
ours@lemmy.world
on 01 Nov 2023 18:40
nextcollapse
What? Not a tech company? But the CEO is hip, young and wears casual clothing! He’s obviously a tech genius /s
JDPoZ@lemmy.world
on 01 Nov 2023 14:12
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Random, I know, but there’s actually a weirdly perfect jab at this in the new Fincher movie “The Killer.”
One of the protagonist’s sniper nest positions is literally in an old “WeWork” office that has basically become abandoned / derelict. Fincher made sure to have the logo visible on a door in an establishing shot.
kakes@sh.itjust.works
on 01 Nov 2023 14:56
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They make the same joke in the Corner Gas animated series iirc.
darth_helmet@sh.itjust.works
on 01 Nov 2023 16:25
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Holy shit, they’re still making corner gas? Also, a sniper plotline seems pretty dark for that show
kakes@sh.itjust.works
on 01 Nov 2023 16:59
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Not any more, unfortunately, but they did create 4 seasons of an animated series that only ended recently.
While I don’t think there was a sniper plot specifically, the animated series does get a lot more “risque” than the live action show (at least, relatively speaking). I honestly recommend checking it out of you liked the original.
steeznson@lemmy.world
on 02 Nov 2023 16:50
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WeWork would have paid for that placement. No brand would get through the studio and editing without ponying up.
Steve@communick.news
on 01 Nov 2023 14:35
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Is it just me, or is this the wrong community for this. WeWork isn’t a tech company or product.
netburnr@lemmy.world
on 01 Nov 2023 14:50
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Lots of small and large tech companies leveraged these spaces.
Sir_Kevin@lemmy.dbzer0.com
on 01 Nov 2023 16:42
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This community seems to have become a catch-all for whatever.
Steve@communick.news
on 02 Nov 2023 01:16
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It does seem that way.
steeznson@lemmy.world
on 02 Nov 2023 16:52
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I used to work for a tech company that rented a corner office in a WeWork
DirigibleProtein@aussie.zone
on 01 Nov 2023 14:46
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Oh no! Anyway…
ThrowawayPermanente@sh.itjust.works
on 01 Nov 2023 15:26
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ThrowawayPermanente@sh.itjust.works
on 01 Nov 2023 20:29
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Well shit
pastermil@sh.itjust.works
on 01 Nov 2023 16:21
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They’re still here???
Sibbo@sopuli.xyz
on 01 Nov 2023 19:24
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WeDontWorkAnymore
MargotRobbie@lemmy.world
on 01 Nov 2023 23:27
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Uber and AirBnB next.
I still don’t quite understand why a “taxi” and a “hotel” company are considered tech companies.
some_designer_dude@lemmy.world
on 02 Nov 2023 02:14
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Because they both disrupted their respective markets with little more than an app.
phoneymouse@lemmy.world
on 02 Nov 2023 03:30
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I don’t quite understand how MargotRobbie is on Lemmy moderating an android community.
MargotRobbie@lemmy.world
on 02 Nov 2023 04:01
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Because I have way too much free time now that I’m on strike, and it’s also really funny.
phoneymouse@lemmy.world
on 02 Nov 2023 04:26
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squints Not sure whether to be star struck or suspicious. If it’s really you, I hope you get the word out about Lemmy IRL, so we can grow this place. Can’t think of a better Lemmy spokesperson than Barbie.
phoneymouse@lemmy.world
on 02 Nov 2023 05:20
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How does MargotRobbie know so much about Visual Studio, C#, and Python?
Genuinely not sure what the business model was here, or how it attracted so many investors.
“So we get a bunch of office space, right? And then we rent it out not to companies, but to individuals, who then get all the downsides of working in a distracting room full of noisy bastards, while not actually interacting with any of the people they’re supposed to be working with.”
threaded - newest
This is the best summary I could come up with:
Oct 31 (Reuters) - WeWork (WE.N) plans to file for bankruptcy as early as next week, a source familiar with the matter said on Tuesday, as the SoftBank Group-backed company struggles with a massive debt pile and hefty losses.
New York-based WeWork is considering filing a Chapter 11 petition in New Jersey, the WSJ reported, citing people familiar with the matter.
Earlier on Tuesday, WeWork said it had entered into an agreement with creditors for temporary postponement of payments for some of its debt, with the grace period nearing an end.
The company has been in turmoil ever since its plans to go public in 2019 imploded following investors’ skepticism over its business model of taking long-term leases and renting them for the short term and worries over its hefty losses.
Its major backer, Japanese conglomerate SoftBank, sunk tens of billions to prop up the startup, but the company has continued to lose money.
WeWork raised “substantial doubt” about its ability to continue operations in August, with numerous top executives, including CEO Sandeep Mathrani, departing this year.
The original article contains 296 words, the summary contains 177 words. Saved 40%. I’m a bot and I’m open source!
Will they change their name to Wedidn'tWork?
WeUsedToWork
Wew Ork, a new mercenary outfit for Russia.
Don’t give them any ideas.
We(the rich don’t)Work
Oh it worked. They made a shit-ton, paid the execs, and then had no more money. That was the plan. 100% success.
I get that they can argue they didn’t deliberately do it, but there must be some kind of law that can be used to sue the execs and shareholders for doing that (if proven), right?
Sue the shareholders?
I love your optimism. Truly. But no law says a company can’t drain the bank account on salaries and bonuses and then be “shocked” when there isn’t enough money to keep the lights on.
WeBroke
Any idea if this is a proper (shut down) bankruptcy, or a get cheaper leases bankruptcy?
Based on the debts and lack of revenue they have. My guess it will be chapter 7 (wind up and liquidation) and not 11 (debt restructure).
so you didn’t read the article
.
It’s in the article:
And that’s the restructuring one? Does that let them escape or decrease their leases?
(Not familiar with American bankruptcy laws(…or any bankruptcy laws))
This is the restructuring one.
www.uscourts.gov/…/chapter-11-bankruptcy-basics
Yup, 11 is the restructuring one. Very little will happen automatically, but they will try to renegotiate their leases. In a world where big companies are adjusting to WFH being a norm, though no longer the the norm, this has the feeling of pissing on a house fire. When their Chapter 11 restructuring fails, that's when they'll file for Chapter 7 (liquidation)
It’s a “we paid our execs all our cash” bankruptcy
So… most people are not into paying expensive dues to use a desk? Who knew.
shared table or restaurant booth.
Only got a personal desk if you nabbed a phone booth or you had a company that paid even more for a room w/desks.
You mean those things that restaurants and coffee shops have… for free?
I use a co-working space every day. It’s normal
WeWork was nothing but a scam to fleece money from investors. Only a fool would believe a real estate company is a tech company. And that fool is Masayoshi Son.
The free wine and kombucha they had on tap was nice though.
One regret of mine was avoiding WeWorks while they were hyped up on VC money because I thought it was a stupid idea. Turns out I should have just drank the free beer and let them implode on their own
WeWork: It's not a real estate company, it's a tech company!
Theranos: It's not a healthcare company, it's a tech company!
Juul: It's not a vape company, it's a tech company! (though oddly enough, they would have also accepted, "It's not a vape company, it's a healthcare company!)
FTX: It's not a
pyramid schemefinancial company, it's a tech company!What is sad is how we had to establish human rights on a computer in the 1990s, and then establish them again on the internet in the 2010s and now on a smartphone
Because with each iteration our legal system sides with overreaching law enforcement whenever it’s a new state of technology.
There will come a day when people will realize that even tech companies aren't worth that much.
Older folk who went through the dotcom bubble burst should know, but they don’t somehow. Oh well a third once in a lifetime market crash in 20 years would just be icing on the molten icecaps cake
I work in tech and I know it, Wall Street still doesn’t I guess. Just look at how much they think our LLM’s masquerading as AI are worth.
What? Not a tech company? But the CEO is hip, young and wears casual clothing! He’s obviously a tech genius /s
Why do you want to fuck spez?
Random, I know, but there’s actually a weirdly perfect jab at this in the new Fincher movie “The Killer.”
One of the protagonist’s sniper nest positions is literally in an old “WeWork” office that has basically become abandoned / derelict. Fincher made sure to have the logo visible on a door in an establishing shot.
They make the same joke in the Corner Gas animated series iirc.
Holy shit, they’re still making corner gas? Also, a sniper plotline seems pretty dark for that show
Not any more, unfortunately, but they did create 4 seasons of an animated series that only ended recently.
While I don’t think there was a sniper plot specifically, the animated series does get a lot more “risque” than the live action show (at least, relatively speaking). I honestly recommend checking it out of you liked the original.
WeWork would have paid for that placement. No brand would get through the studio and editing without ponying up.
Is it just me, or is this the wrong community for this. WeWork isn’t a tech company or product.
Lots of small and large tech companies leveraged these spaces.
This community seems to have become a catch-all for whatever.
It does seem that way.
I used to work for a tech company that rented a corner office in a WeWork
Oh no! Anyway…
Good, fuck this guy
‘this guy’ is already out. Made billions
Well shit
They’re still here???
WeDontWorkAnymore
Uber and AirBnB next.
I still don’t quite understand why a “taxi” and a “hotel” company are considered tech companies.
Because they both disrupted their respective markets with little more than an app.
I don’t quite understand how MargotRobbie is on Lemmy moderating an android community.
Because I have way too much free time now that I’m on strike, and it’s also really funny.
squints Not sure whether to be star struck or suspicious. If it’s really you, I hope you get the word out about Lemmy IRL, so we can grow this place. Can’t think of a better Lemmy spokesperson than Barbie.
How does MargotRobbie know so much about Visual Studio, C#, and Python?
lemm.ee/comment/5424323
Nothing in her bio implies a background in programming.
Learned it during her Quinn years?
The tech bit just seems to be the ability to slurp money out of other people’s industries, while avoiding all regulation and responsibility.
You can stick the food delivery people with them.
WeNeedWork
Haven’t they been circling the drain for some time now?
We oink
WeFailedToWork
Genuinely not sure what the business model was here, or how it attracted so many investors.
“So we get a bunch of office space, right? And then we rent it out not to companies, but to individuals, who then get all the downsides of working in a distracting room full of noisy bastards, while not actually interacting with any of the people they’re supposed to be working with.”
“I’m in! How much do you need?”
You just described how regular office jobs are 😆