(Reuters) – WeWork, the SoftBank Group-backed startup, sought U.S. bankruptcy protection on Monday after its bets on companies using more of its office-sharing space soured.
Below is a timeline of WeWork developments since mid-2019:
Aug 2019 WeWork filed for an IPO and published detailed
financial statements that showed it lost almost
$700 million in the first half of 2019 while
doubling its revenue.
Sept 2019 WeWork said it planned to proceed with an
investor roadshow for its IPO, despite concerns
over the valuation it could achieve in a listing.
Sept 2019 WeWork said it planned to list its stock on
Nasdaq and announced changes to its corporate
governance, including curbs in the voting power
of then CEO Adam Neumann.
Sep 2019 Co-founder Neumann agreed to resign as CEO,
bowing to pressure from some investors.
Sep 2019 WeWork filed to withdraw its IPO as the potential
valuation dropped to as low as $10 billion, from
$47 billion in January 2019.
Nov 2019 WeWork said it would lay off around 2,400
employees globally as it sought to drastically
cut costs and stabilize its business.
Feb 2020 WeWork named real estate industry veteran Sandeep
Mathrani as its new CEO.
Mar 2021 WeWork disclosed in a presentation to prospective
investors that it had lost $3.2 billion in 2020.
Mar 2021 WeWork agreed to go public through a merger with
blank-check firm BowX Acquisition Corp
Oct 2021 WeWork went public via a SPAC deal.
May 2022 WeWork appointed Andre Fernandez as its CFO,
replacing Benjamin Dunham.
Nov 2022 WeWork said it would exit about 40
underperforming U.S. locations.
Jan 2023 WeWork said it would cut about 300 roles globally
as part of efforts to cut back on underperforming
locations.
Mar 2023 WeWork struck deals to cut debt by about $1.5
billion and extend the date of some maturities,
in a bid to preserve cash as it felt the heat of
mass layoffs on its business.
Apr 2023 WeWork received a non-compliance notice from the
New York Stock Exchange, as its stock closed
below $1 on average over a consecutive 30
trading-day period.
May 2023 WeWork said CEO Sandeep Mathrani would step down,
effective May 26.
May 2023 CFO Andre Fernandez said he would resign on June
1, less than a year into the role.
Aug 2023 WeWork raised “substantial” doubt about its
ability to continue as a going concern, and said
three board members had stepped down.
Aug 2023 WeWork said it would proceed with a one-for-forty
reverse stock split to regain compliance with
listing requirements.
Sept 2023 WeWork started a process to negotiate favorable
terms with its landlords and planned to exit
underperforming locations.
Oct 2023 WeWork decided to withhold interest payments of
about $95 million related to some of its notes.
Oct 2023 WeWork named interim Chief Executive David Tolley
as its CEO.
Oct 2023 WeWork said Chief Operating Officer Anthony
Yazbeck would step down from that role and also
as the company’s president on Oct. 20.
Oct 2023 WeWork withheld interest payment of about $6.4
million on some of its notes.
Oct 2023 WeWork planned to file for bankruptcy in the
first week of November, a source familiar with
the matter said.
Nov 2023 WeWork said it sought U.S. bankruptcy protection
and entered a restructuring agreement to wipe out
about $3 billion of secured debt.
(Reporting by Kannaki Deka and Shubham Kalia in Bengaluru; Editing by Milla Nissi, Varun H K and Jamie Freed)
