To turnaround a company like WeWork will take dedicated leadership, artful negotiation and compromise, and likely, a little bit of luck. WeWork's will need to manage creditors, employees, executives, government agencies, and investors in order to create a strategy moving forward. To do this outside of bankruptcy is often a complicated puzzle requiring painful decisions like laying off employees. Sadly, we will almost see further austerity measures before WeWork has even a chance of redeeming itself to investors and the public.This is of course never a situation a startup founder wants to find themselves in, but working with professionals like experienced counsel is key to finding a path forward--the earlier the better.
On Thursday, the beleaguered company that was once valued at $47 billion took its first concrete steps to stem the flow of red ink, in hopes of regaining some measure of confidence among investors and creditors.