39 votes

WeWork files for bankruptcy in the US

21 comments

  1. [14]
    Wulfsta
    Link
    The company I work for rents office space from them, I hope this unfolds I’m a way such that I will get to work from home again for some period, and not this hybrid nonsense.

    The company I work for rents office space from them, I hope this unfolds I’m a way such that I will get to work from home again for some period, and not this hybrid nonsense.

    18 votes
    1. [13]
      teaearlgraycold
      Link Parent
      What do you think is nonsense about hybrid?

      What do you think is nonsense about hybrid?

      1 vote
      1. [11]
        DeaconBlue
        Link Parent
        Not the poster you responded to, but I have a bone to pick with forced hybrid so I will reply anyway. A common occurrence is where management says you have to be in two days a week or something....

        Not the poster you responded to, but I have a bone to pick with forced hybrid so I will reply anyway.

        A common occurrence is where management says you have to be in two days a week or something.

        Some of the team picks T/TH, some M/W. In this scenario, there is no point for anyone to be there because team interactions end up happening over Teams or Zoom or whatever calls anyway. It is actually worse because you end up with a couple of the people in the same room who are now hearing echos and being caught on each other's microphones and the whole situation is just awkward.


        With that in mind (and I have said this here before) I think that occasional in person meetings are extremely valuable. I just don't bother if I can't get the relevant stakeholders in at the same time.

        27 votes
        1. JCPhoenix
          Link Parent
          During hybrid regimes, my office was like this too. It ended up that many people (such as myself...especially myself) stopped showing almost completely. Like once a week or even every other week....

          During hybrid regimes, my office was like this too. It ended up that many people (such as myself...especially myself) stopped showing almost completely. Like once a week or even every other week. I did that without any formal approval. Even leadership started doing that. Because what was the point?

          Luckily we finally went full WFH back in April. Like sold the building off. We spent at least half of 2022 full WFH, with the other half in our sorta "hybrid" schedule. So it made sense to finally go full remote.

          Now we just rent a tiny one-room office in a WeWork-style location, along with a storage unit.

          6 votes
        2. [4]
          teaearlgraycold
          Link Parent
          Yes that’s an absolute shitshow. I’m starting at a hybrid company next Monday, but that will be the first day the company has any employees, which means we are able to hire specifically for people...

          Yes that’s an absolute shitshow. I’m starting at a hybrid company next Monday, but that will be the first day the company has any employees, which means we are able to hire specifically for people that want that experience and can be in at least Tuesday through Thursday. So it should be pretty good that way.

          4 votes
          1. [2]
            cutmetal
            Link Parent
            If you'll be trying to hire software engineers for those in-person roles, well, good luck.

            If you'll be trying to hire software engineers for those in-person roles, well, good luck.

            4 votes
            1. teaearlgraycold
              Link Parent
              There's been no difficulty so far (only 3 hires TBF). We're located in San Francisco, so perhaps the highest density of software engineers per square kilometer. I don't know if we could get away...

              There's been no difficulty so far (only 3 hires TBF). We're located in San Francisco, so perhaps the highest density of software engineers per square kilometer. I don't know if we could get away with doing it this way in any other city.

              7 votes
          2. skybrian
            Link Parent
            Good luck! Yeah, that’s the way to go. I think one room per (small) team would be ideal, and if the whole company is one team, it works out that way anyway.

            Good luck! Yeah, that’s the way to go.

            I think one room per (small) team would be ideal, and if the whole company is one team, it works out that way anyway.

            1 vote
        3. [3]
          mild_takes
          Link Parent
          They couldn't either get headphones or have those people meet in a boardroom as a group to make the call? Yes I know some people STILL don't know they need headphones during calls...

          It is actually worse because you end up with a couple of the people in the same room who are now hearing echos and being caught on each other's microphones and the whole situation is just awkward.

          They couldn't either get headphones or have those people meet in a boardroom as a group to make the call? Yes I know some people STILL don't know they need headphones during calls...

          4 votes
          1. [2]
            Wulfsta
            Link Parent
            I had someone from another team at a seat next to me in my office ask me to speak quieter recently, while they were on a call in the middle of an agile office space and I was conversing with my...

            I had someone from another team at a seat next to me in my office ask me to speak quieter recently, while they were on a call in the middle of an agile office space and I was conversing with my teammates seated behind and next to me about a technical issue. There was multiple rooms available they could have taken this call at, and I was speaking at a normal volume. Hybrid combined with agile office arrangements are my personal hell; how did we get here?

            13 votes
            1. patience_limited
              (edited )
              Link Parent
              There are days when an open office plan seems like it's going to show up in court as a homicide justification. It's common for me to get into all-day (sometimes multi-day) technical calls where I...

              There are days when an open office plan seems like it's going to show up in court as a homicide justification.

              It's common for me to get into all-day (sometimes multi-day) technical calls where I need four screens worth of remote sessions, tooling, chats, blueprints, and documentation. There are no meeting rooms available with multi-monitor setups. At least one of the attendees will be working in a network closet, server room, or other spot with heavy background noise, as a matter of necessity for the purposes of the call. And there I am, being the asshole who's talking loudly, when I could have handled the meeting in my nice little home office if current hybrid policy permitted it.

              But let's not forget the gaggle of people who decide they're going to have a social convocation standing next to the desk where I'm working, while there's an entire open space without filled desks, and unbooked meeting rooms.

              To continue the rant, we're now expected in four days a week. Not just because there's some collaborative magic that's supposed to happen in person, but because customers visiting for demos or training shouldn't see a half-empty office. I am a live background prop. 🙄

              11 votes
        4. [2]
          ComicSans72
          Link Parent
          Weird. We enforce the same two days (and I don't enforce them that hard on my reports). And they're together so you really only need to be in town one night. Why would anyone pick t/th or m/w?

          Weird. We enforce the same two days (and I don't enforce them that hard on my reports). And they're together so you really only need to be in town one night. Why would anyone pick t/th or m/w?

          1 vote
          1. WeAreWaves
            Link Parent
            I’m in academia with teaching responsibilities on a schedule that changes throughout the year. Currently I’m working from home Monday and Wednesday, though I do switch to Monday and Friday when I...

            I’m in academia with teaching responsibilities on a schedule that changes throughout the year. Currently I’m working from home Monday and Wednesday, though I do switch to Monday and Friday when I have the option. We’re officially required to be in the office three days a week with no restrictions or recommendations on which days. It’s dumb.

            1 vote
      2. Wulfsta
        Link Parent
        It is an immense waste of my time and money. It’s supported by businesses because they don’t want the value of their office real estate dropping. It’s supported by cities because these dense...

        It is an immense waste of my time and money. It’s supported by businesses because they don’t want the value of their office real estate dropping. It’s supported by cities because these dense office areas produce lots of revenue from commuters, and rather than solving the problem of how to make other areas of the city generate revenue (like how dense, walkable office areas tend to do it) now that the number of commuters has declined they are instead encouraging returning to the model from before covid, even as obviously detrimental as it is to individuals from a time and cost perspective. My team at work is split between different countries and time zones - returning to office has only made communication worse, because items get spoken about in person between certain groups rather than communicated to the team as a whole. And finally, on principle, I don’t like being treated as if I’m in a college general education course that’s taking attendance.

        13 votes
  2. [7]
    phoenixrises
    Link

    The firm reported liabilities of up $10 to $50bn (£40.5bn), according to a bankruptcy filing in the New Jersey federal court.

    The filing gives WeWork legal protection from its creditors and more tools for negotiations with landlords.

    Last month, as those discussions intensified, WeWork told investors it was not making payments on its loans.

    5 votes
    1. [6]
      drannex
      Link Parent
      I hate to say it, especially since I haven't looked into how many and large their holdings are, but could this rock the already crumbling housing or commercial market?

      I hate to say it, especially since I haven't looked into how many and large their holdings are, but could this rock the already crumbling housing or commercial market?

      5 votes
      1. [5]
        stu2b50
        Link Parent
        The residential housing market is doing fine, much to the chagrin of some. The commercial real estate market is rougher, but remember its chapter 11 bankruptcy, it’s not like wework is going...

        The residential housing market is doing fine, much to the chagrin of some. The commercial real estate market is rougher, but remember its chapter 11 bankruptcy, it’s not like wework is going defunct. They’ll be around after this. Some people think bankruptcy just ends with the company dissolving.

        It’s also a long time coming. To say a market cliche, this is already priced in, for the most part.

        14 votes
        1. [3]
          phoenixrises
          Link Parent
          I think there was a documentary about the fall of WeWork years ago, which was supposedly good. I wouldn't know, since I haven't seen it, but yeah it does seem like this has been priced in for a while.

          I think there was a documentary about the fall of WeWork years ago, which was supposedly good. I wouldn't know, since I haven't seen it, but yeah it does seem like this has been priced in for a while.

          2 votes
          1. [2]
            drannex
            (edited )
            Link Parent
            Not exactly a documentary, but Anne Hathaway and Jared Leto starred in a miniseries about it. It's excellent and based on the podcast by Wondery. Not sure how accurate, but a great show...

            Not exactly a documentary, but Anne Hathaway and Jared Leto starred in a miniseries about it. It's excellent and based on the book podcast by Wondery. Not sure how accurate, but a great show nevertheless. I haven't seen the documentary yet.

            WeCrashed | Trailer - Apple TV

            4 votes
        2. babypuncher
          Link Parent
          The real surprise is that this didn't happen sooner.

          It’s also a long time coming. To say a market cliche, this is already priced in, for the most part.

          The real surprise is that this didn't happen sooner.