WeWork seeks bankruptcy protection

The debacle led to the ouster of founder and CEO Adam Neumann, whose erratic behavior and exorbitant spending spooked early investors.

WeWork was not tech, just a rentier scam.

There is a whole culture of trust fund, capital gifted youngish people who somehow think being gifted with some valuable property, renting it out while commuting and buying foreclosed properties brought about about the general property crunch and inflation and hardship among the capital poor and flipping them and retiring at 30 makes them business geniuses.

Here's another example.

https://www.independent.co.uk/news/world/americas/tim-gurner-property-developer-australia-b2411998.html

The article makes no mention of Japan, so let me provide here what WeWork Japan had to say this morning:

Dear WeWork Kamiyacho Trsut Tower members, It has been announced that WeWork Inc. has filed for Chapter 11 bankruptcy. We understand that you may be concerned about the impact this filing will have on our company, WeWork Japan GK. WeWork Inc.’s filing concerns the United States and Canada, and does not include Japan. This application has no impact on WeWork Japan’s members, business partners, or real estate partners. The 40 locations we currently operate in Japan are operating as usual. Our locations in Japan have a high occupancy rate, and we plan to continue operating without change. There are no plans to close locations in Japan at this time. Our company is a joint venture company, jointly invested by WeWork Inc., SoftBank Corp., and others, and is managed independently as a separate corporation. The procedural effects of this application do not directly affect our company, and there will be no direct financial or operational impact. Regarding details, we are currently confirming the facts with WeWork Inc. Pursuant to the above, we have summarized the answers to frequently asked questions below: Will the Chapter 11 filing or process cause the closure of any locations in Japan, or any changes in services? Members can continue to use our locations in Japan and overseas, including in the United States and Canada, and there are no plans to change our service content. All other transactions will continue as usual. There are no plans to close any of the 40 locations operated by WeWork Japan. Although we do periodically optimize our location portfolio, we currently have no plans to close WeWork Kamiyacho Trsut Tower. If it is decided to close the location that we use, is it possible to guarantee the contract period, or to refund our service retainer? WeWork Inc.’s filing under Chapter 11 of the U.S. Bankruptcy Code is an effort to restructure WeWork Inc.’s debt, and does not change the terms of WeWork Japan’s contracts with our members. All contract terms, including provisions related to cancellation and service retainer, will continue. If a location is closed, we will introduce members to another location. Service retainers will be refunded based on the terms in your membership agreement. If you have any other questions or concerns, please contact your local Community team at each location. WeWork Japan will continue to provide the highest quality product and services to our valued members. Thank you, WeWork Japan GK

WeWork Japan will continue to provide the highest quality product and services to our valued members. Thank you, WeWork 

Starbucks is cheaper, more convenient and the coffee is good.

My apartment is even cheaper and even more convenient and the coffee is even better.

FailWork

Nokigiri,,thank you for sharing the note from Wework Japan.

what they say about recovering your deposit is clear and it means: NEVER.

which is the normal procedure in Japan.

for the rest it is the usual tactic here. Head in the sand, the storm will pass us by.

obviously it won’t. Which company, when they are not SoftBank affiliated, would still sign a lease with WeWork and risk loosing your deposit, office and incur more removal costs?

no impact on Japan ? Wework Japan should know that business people rent their space and they are generally intelligent people. And office space is easily available now in Japan. Better and cheaper.

as others said here, one profiteering no good company down, now the Ubers and Deliveroos and house rental companies to follow

WeBroke

I understand that Masayoshi Son ignored the advice of his experts and was totally taken in by Neumann. It’s the worst investment that Son has ever made. The solution to this dilemma is innovative thinking utilizing empty offices and turning them into productive centers.