Forget WeWork, another coworking brand files Chapter 7 bankruptcy
The company was a leader in a space that once seemed like a great idea but has struggled mightily.
Before the Covid pandemic, most Americans who held white-collar jobs went into an office. My offices offered more flexibility than others, but in general, the majority of people went to a physical location.
There wasn’t actually a lot of debate about whether working from home was a good idea. That’s at least partially because many companies had invested significant dollars in leasing or buying offices.
Related: Struggling whiskey company closes operations, no bankruptcy yet
Working from home was more common in the startup space. Some fledgling companies realized it made little sense to spend their money on an office rather than on people who could push their product or service forward.
Still, even as more companies decided they did not need permanent office space, many still wanted a place to get together.
That led to the rise of the coworking space. Coworking can look a number of different ways. In some cases, a company rents a space that serves as a de facto office.
In other situations, a company may pay for a floating desk, so that a few workers, or even just one, can come into a physical place and use the shared facilities.