WeWork co-founder Neumann calls looming bankruptcy ‘disappointing’

By Sarah Lizee

Olympia, Wash., Nov. 6 – Co-founder and former chief executive officer of WeWork Inc., Adam Neumann, issued a statement Monday afternoon, calling the company’s anticipated bankruptcy filing “disappointing.”

“It has been challenging for me to watch from the sidelines since 2019 as WeWork has failed to take advantage of a product that is more relevant today than ever before,” Neumann, who resigned from WeWork in 2019 after a failed initial public offering, said in the release.

“I believe that, with the right strategy and team, a reorganization will enable WeWork to emerge successfully.”

As reported by Prospect News, WeWork warned in early August that substantial doubt exists about its ability to continue as a going concern as a result of its losses and projected cash needs, combined with the increased member churn and current liquidity levels.

Last week, the company was reported by Reuters and the Wall Street Journal that it is expected to file for Chapter 11 bankruptcy soon.

WeWork is a New York-based provider of shared workspaces and related business services.

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