The demand for shared workspaces isn't gone, but it will look a little different. So yes, coworking giant WeWork filed for bankruptcy this month. But that doesn't mean the industry is dead — an estimated 28.2% of full-time employees have adopted a hybrid work schedule and 12.7% work from home full-time.
The bankruptcy plan involves $400 million in new financing, and will make Yardi Systems, a real estate software company, WeWork's majority owner as it becomes a private company again. Neumann had sought to buy WeWork after it declared bankruptcy, offering $650 million.
WeWork Inc. is a provider of coworking spaces, including physical and virtual shared spaces, headquartered in New York City.