After I wrote to you only a few brief weeks in the past, I expressed my confidence in our future and WeWork’s pledge to place our members first in every little thing we do. My confidence and our dedication emphatically proceed at present.
WeWork made the proactive choice to start a strategic reorganization course of to finest place the corporate for future success.
Please be aware, this course of is just not occurring in your nation and we count on there to be no adjustments to WeWork’s operations there. As our valued members, we wish you to listen to instantly from us that:
- WeWork is right here to remain. Our areas are open and operational, and our workforce is right here to serve you. All through this course of, WeWork areas will proceed to be operated to the best customary.
- Our members are our prime precedence. We acknowledge the belief you place in us by selecting to work inside our neighborhood. We stay absolutely dedicated to offer our areas and providers to you and guarantee what you are promoting continuity.
- Your membership settlement won’t be impacted by this course of. Your membership settlement stays lively and we’ll proceed to honor our obligations beneath your settlement.
- As all the time, we’ll proceed to speak with you. Whereas we proceed the mandatory strategy of working with our landlords to enhance our lease portfolio, we plan to stay within the overwhelming majority of our buildings and are dedicated to speaking with members first and early ought to we foresee potential adjustments.
We’re enterprise this strategic reorganization by submitting for defense beneath Chapter 11 of the U.S. Chapter Code, together with recognition proceedings in Canada. Chapter 11 is a useful authorized software that permits corporations to restructure their monetary place whereas they proceed day-to-day operations within the unusual course. For WeWork, we count on this course of to finest place our firm stronger and operational and monetary success, and finest allow us to proceed to ship world-class providers to our members.
We’ve already accomplished an vital early step on this course of by getting into right into a Restructuring Help Settlement with our key collectors that drastically reduces our current funded debt, making certain we will sustainably put money into our product choices and workspace options for a few years to return. You’ll be able to learn our full announcement right here and discover further data at we.co/memberfag to reply your most speedy questions.
From all the workers of WeWork, to our greater than 500,000 members all over the world, thanks on your belief in us as we take these crucial steps to strengthen our firm for the long run.
We’re grateful you are part of our neighborhood. We don’t take the chance to work with you with no consideration, and sit up for seeing you in one in all our areas once more quickly.
With gratitude,
David Tolley
Chief Government Officer, WeWork
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