WeWork logo.
Credit: Reuters Photo
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.