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Pretty sad. I hope someone picks up the pieces and keeps the company going. Say what you will about the company and it's leadership, but WeWork as a service w

Pretty sad. I hope someone picks up the pieces and keeps the company going. Say what you will about the company and it's leadership, but WeWork as a service was splendid. Yes, there's lots of other short-term office providers, but I never found a competitor that executed on the vision of a world-wide lattice of places from which to work. Having a place to work vastly opened up my vacation cycles. Instead of travelling for a single weekend, I could go visit a friend in Paris, or Mexico City, or back home, or wherever. During the week when people worked, I would work out of a WeWork. Come 4-5pm, I'd go hangout with the people I wanted to see. Suddenly a long-weekend trip could be feasibly expanded to a week or longer without much hassle.

fsckboy 3y ago
cause of final death: killed "from Covid", not "with Covid". I just want back the economy that could keep WeWork afloat.
- hodgesrm 3y ago
  That would include low interest rates that made funding WeWork plausible/possible. That's probably not coming back for a while.
- tharkun__ 3y ago
  You want mandatory return to office? Really?
  - mkwarman 3y ago
    I think it's likely they were literally referring to the economy rather than return to office, considering WeWork stands only to lose when employees work from their employer's office
    - fsckboy 3y ago
      yes, I was, motivated by my extensive studies in the dismal science and finance, and my stock portfolio :)
      - tharkun__ 3y ago
        The commercial real estate portion of my portfolio agrees with you. The person that loves not having to go to an office does not ;)
    - cowsandmilk 3y ago
      In their 2019 S-1, WeWork stated 40% of their memberships were from companies with over 500 employees. For many companies, moving to remote did mean terminating WeWork memberships.
      - tharkun__ 3y ago
        This is why I commented the way I did but I guess your parent found it down-vote-worthy. One of my recent companies was one of those. A bit smaller but their entire office footprint was at WeWork offices in various places. Zero remote before Covid. Had to be in a WeWork office where they had a presence. Not even just "a" WeWork.
        mkwarman 3y ago
        > I guess your parent found it down-vote-worthy. I didn't downvote you. I don't even have the ability to downvote on HN yet. I just interpreted the parent comment differently and thought the different perspective could help provide context. Especially since I was similarly surprised at the idea that someone would prefer mandatory return to office
      - mkwarman 3y ago
        Interesting! Thanks for educating me. I always assumed significantly more of their business was remote folks that didn't want to work from their actual home.
  - fsckboy 3y ago
    >You want mandatory return to office? Really? I have absolutely no reason to leave my house, and my intellectual tendencies keep me occupied without any other people around. Personally? I would welcome a staffed office to go to. I go to coffeeshops (with the other regulars) and it's nice but it's not the same
- sweezyjeezy 3y ago
  Wework started spiralling in 2019, it was never going to stay afloat.
JumpCrisscross 3y ago
> hope someone picks up the pieces and keeps the company going WeWork is considering filing for Chapter 11 protection. They're not going for liquidation.
- christophilus 3y ago
  Not many people understand what that means. I remember Romney saying that GM needed to go through bankruptcy (meaning chapter 11) back when he was running for president. He got crucified for saying that, but he wasn’t wrong, and iirc, they did end up in chapter 11. Hopefully, WeWork restructures successfully. I’ve really enjoyed the few I’ve visited, and I think there’s a real business under all the nonsense.
  - JumpCrisscross 3y ago
    > remember Romney saying that GM needed to go through bankruptcy (meaning chapter 11) back when he was running for president Investment bankers, being salespeople, solved this in the 80s: companies in chapter 11 are restructuring or reorganizing. Not bankrupt.
- cobertos 3y ago
  Doesn't the bankruptcy court liquidate pieces of the company on behalf of the creditors if that is part of the agreement that is reached?
  - hn_throwaway_99 3y ago
    That's Chapter 7 bankruptcy.
  - Spooky23 3y ago
    Not typically. The court basically reorganizes debts, etc. That may include sale or liquidation of some assets. In this case, I’d venture to guess that leases are the biggest liability, and given the market, I’d imagine the landlords will take a bath.
- deleted 3y ago
xyst 3y ago
Hope not. Those co-working spaces were a disaster.
athrun 3y ago
I agree the global experience WeWork provides is really unique. The question is whether that product would have ever been sustainable—had the company been better managed.
- chrischen 3y ago
  Regus is still worth billions.
deleted 3y ago
[deleted]
skeeter2020 3y ago
Unless you're willing to pay a ridiculously high premium for this, the benefits WeWork's provided you still doesn't work as a business model.
- aurareturn 3y ago
  That's right. A friend of mine sells premium offices and he's been saying WeWork's business plan made no sense at all for as long as I can remember. Basically, in any premium office, you want to maximize the space for as many high value desks as possible. WeWork often spends a huge part of its space for perks and temp desks. In addition, WeWork attracts the startups/small business/solo crowd and those are far less stable customers than your money making enterprises. He routinely tells me very large customers often forgets that they're even paying for the office. That's the customer you want. He was sure that WeWork had no future. He was right.
criddell 3y ago
Was working remotely like that difficult from a tax perspective? I know a lot of places will require you to file even if you are only working there a single day.
- chrischen 3y ago
  Single day is likely unenforceable.
samuli 3y ago
We used to be in Regus' offices, which had the option to use their spaces in other countries too. Not having used WeWork I do not know how it compares, but at least you can use Regus' office in Paris or Mexico City if you want.

fsckboy 3y ago

cause of final death: killed "from Covid", not "with Covid". I just want back the economy that could keep WeWork afloat.

hodgesrm 3y ago
That would include low interest rates that made funding WeWork plausible/possible. That's probably not coming back for a while.
tharkun__ 3y ago
You want mandatory return to office? Really?
- mkwarman 3y ago
  I think it's likely they were literally referring to the economy rather than return to office, considering WeWork stands only to lose when employees work from their employer's office
  - fsckboy 3y ago
    yes, I was, motivated by my extensive studies in the dismal science and finance, and my stock portfolio :)
    - tharkun__ 3y ago
      The commercial real estate portion of my portfolio agrees with you. The person that loves not having to go to an office does not ;)
  - cowsandmilk 3y ago
    In their 2019 S-1, WeWork stated 40% of their memberships were from companies with over 500 employees. For many companies, moving to remote did mean terminating WeWork memberships.
    - tharkun__ 3y ago
      This is why I commented the way I did but I guess your parent found it down-vote-worthy. One of my recent companies was one of those. A bit smaller but their entire office footprint was at WeWork offices in various places. Zero remote before Covid. Had to be in a WeWork office where they had a presence. Not even just "a" WeWork.
      - mkwarman 3y ago
        > I guess your parent found it down-vote-worthy. I didn't downvote you. I don't even have the ability to downvote on HN yet. I just interpreted the parent comment differently and thought the different perspective could help provide context. Especially since I was similarly surprised at the idea that someone would prefer mandatory return to office
    - mkwarman 3y ago
      Interesting! Thanks for educating me. I always assumed significantly more of their business was remote folks that didn't want to work from their actual home.
- fsckboy 3y ago
  >You want mandatory return to office? Really? I have absolutely no reason to leave my house, and my intellectual tendencies keep me occupied without any other people around. Personally? I would welcome a staffed office to go to. I go to coffeeshops (with the other regulars) and it's nice but it's not the same
sweezyjeezy 3y ago
Wework started spiralling in 2019, it was never going to stay afloat.

JumpCrisscross 3y ago

> hope someone picks up the pieces and keeps the company going WeWork is considering filing for Chapter 11 protection. They're not going for liquidation.

christophilus 3y ago
Not many people understand what that means. I remember Romney saying that GM needed to go through bankruptcy (meaning chapter 11) back when he was running for president. He got crucified for saying that, but he wasn’t wrong, and iirc, they did end up in chapter 11. Hopefully, WeWork restructures successfully. I’ve really enjoyed the few I’ve visited, and I think there’s a real business under all the nonsense.
- JumpCrisscross 3y ago
  > remember Romney saying that GM needed to go through bankruptcy (meaning chapter 11) back when he was running for president Investment bankers, being salespeople, solved this in the 80s: companies in chapter 11 are restructuring or reorganizing. Not bankrupt.
cobertos 3y ago
Doesn't the bankruptcy court liquidate pieces of the company on behalf of the creditors if that is part of the agreement that is reached?
- hn_throwaway_99 3y ago
  That's Chapter 7 bankruptcy.
- Spooky23 3y ago
  Not typically. The court basically reorganizes debts, etc. That may include sale or liquidation of some assets. In this case, I’d venture to guess that leases are the biggest liability, and given the market, I’d imagine the landlords will take a bath.
deleted 3y ago

xyst 3y ago

Hope not. Those co-working spaces were a disaster.

athrun 3y ago

I agree the global experience WeWork provides is really unique. The question is whether that product would have ever been sustainable—had the company been better managed.

chrischen 3y ago
Regus is still worth billions.

deleted 3y ago

[deleted]

skeeter2020 3y ago

Unless you're willing to pay a ridiculously high premium for this, the benefits WeWork's provided you still doesn't work as a business model.

aurareturn 3y ago
That's right. A friend of mine sells premium offices and he's been saying WeWork's business plan made no sense at all for as long as I can remember. Basically, in any premium office, you want to maximize the space for as many high value desks as possible. WeWork often spends a huge part of its space for perks and temp desks. In addition, WeWork attracts the startups/small business/solo crowd and those are far less stable customers than your money making enterprises. He routinely tells me very large customers often forgets that they're even paying for the office. That's the customer you want. He was sure that WeWork had no future. He was right.

criddell 3y ago

Was working remotely like that difficult from a tax perspective? I know a lot of places will require you to file even if you are only working there a single day.

chrischen 3y ago
Single day is likely unenforceable.

samuli 3y ago

We used to be in Regus' offices, which had the option to use their spaces in other countries too. Not having used WeWork I do not know how it compares, but at least you can use Regus' office in Paris or Mexico City if you want.