From WeWork’s second-quarter earnings release, with our emphasis: In addition, as disclosed in WeWork’s Quarterly Report for the three and six months ended June 30, 2023 (the “Second Quarter 10-Q”), as a result of the Company’s losses and projected cash needs, combined with increased member churn and current liquidity levels, substantial doubt exists about the Company’s ability to continue as a going concern.
The Company’s ability to continue as a going concern is contingent upon successful execution of management’s plan to improve liquidity and profitability over the next 12 months, which includes, without limitation:
•Reducing rent and tenancy costs via restructuring actions and negotiation of more favourable lease terms;
•Increasing revenue by reducing member churn and increasing new sales;
•Controlling expenses and limiting capital expenditures; and
•Seeking additional capital via issuance of debt or equity securities or asset sales.
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is it that big a deal? Lehman was a fun time but why should people care about wework?
can't imagine enough people do to raise tugs in the City
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Warning UK set for five years of lost economic growth https://www.bbc.co.uk/news/business-66436792
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It's been worth about a quid for 5 years
Not exactly a shock or reflection on city buzzing
Cos my god is it buzzing
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is it still bizzarely seen as a tech stock?
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Only because SoftBank put a few billion into it and are trying to save face
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