In the late 2010s, a new concept came into our lives: Shared offices. Organizations that did not want to bear the financial burden of a single office took the approach of operating in common offices that they shared with other companies. One of the most famous and pioneering of these companies is We work used to be.

Market value at its peak $47 billion WeWork, referred to as in new jersey by going to court file for bankruptcy found it. Although the filing also included a list of the company’s assets, it announced that the total value of the company’s assets was over $15 billion.

The pandemic put an end to the idea of ​​a shared office

We workIn a very short time, it began to see the benefits of its new business model and pursued an aggressive growth strategy to meet corporate demand. For this reason, they resorted to renting many properties. Some of these rental agreements were for just one month, while others were for longer periods.

WeWork’s application is for the company only activities in the US and Canada Although the pandemic was reported, the pandemic was cited as a reason for the difficult period. WeWork, which has offices in more than 777 locations in 39 countries, enables companies to work from home or allow employees to work from home during the pandemic period. unpaid leave The removal has left some branches inactive. Although these offices were closed, large rent payments continued to be made to property owners. In addition, major expenditure has been made on renovation work for most of these workspaces.

WeWork won’t disappear completely

We work By restructuring its balance sheet this year, it reduced its debt by $1.5 billion and deferred some of its debt until 2027. The company’s market value is 50 million dollars had fallen downstairs. WeWork stated that it will not make the rental payments for some properties along with the bankruptcy filing, and that the relevant people had been informed of the issue in advance, and stated that its debts will be paid. 3 billion dollars In exchange for the remaining part, she gives shares.

CEO of WeWork David Tolley, “We have defined a new category of work and these steps will allow us to maintain our global leadership in flexible working. Via the Restructuring Support Agreementstrengthening our capital structure and I would like to express my deepest gratitude to our financial stakeholders for their support as we work to accelerate this process. We are committed to investing in our world-class products, services and team of employees to support our community.” he said.

There are many companies offering shared and virtual office services in our country. Workinton, eOfis Although there are many companies active in this field, Turkey is not among the countries where WeWork is active.