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WeWork Files For Bankruptcy, Shaking Coworking Industry

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Last month, the company intentionally missed paying $95 million in interest payments, then negotiated an additional seven-day forbearance with creditors , which expires Tuesday. WeWork’s journey has been marked by a series of missteps and missed opportunities. The company was worth an unbelievable $47 billion at its peak in 2019.

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Pay Has Soared For The Lowest-Wage Workers

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As the labor market recovered, those affected by job losses were able to use the government-provided financial aid as a crutch, which put them in a stronger position to find new job opportunities, according to Axios.

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WeWork Preparing to File for Bankruptcy Amid Massive Debt and Losses

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Earlier today, WeWork announced that it had negotiated a temporary delay in payments on some of its debt with creditors, as the grace period approaches its conclusion. If WeWork does file for bankruptcy, it will represent a dramatic turn of events for a company that was privately valued at $47 billion in 2019.

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Four-Day Workweek Adoption Is Overblown, New Data Shows

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of job postings in September 2019 to 0.3% Recently, the United Auto Workers (UAW) union has also brought more attention to the four-day workweek during recent negotiations for better pay and benefits. A recent data analysis by Axios dug into research published by Indeed.

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Office Property Values in Major Cities Face a Potential $800 Billion Decrease by 2030

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The study suggests that by 2030, the demand for office space in these cities will be 13% lower than it was in pre-pandemic 2019. How it’ll impact the future: The decrease in office space demand has resulted in shorter lease negotiations, posing challenges for property owners in securing financing.

2019 246
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Adam Neumann’s Bold Claim: Flow is Prepared to Compete with WeWork

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The company will also have a unique value sharing mechanism that will likely be in the form of some type of “fractional ownership” for value creators, according to Fortune. Why it matters: Neumann was ousted from WeWork back in 2019 following a failed initial public offering (IPO) attempt.

2019 246
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WeWork Squandered Past Rescue Offers

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Softbank declined. Adam Neumann, who was ousted as WeWork’s CEO in 2019, also approached Mathrani before he left the company to discuss a potential investment of up to $1 billion and a debt buyback. However, these negotiations did not come to fruition, according to the New York Times.

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