2021-02-03 — bloomberg.com
Knotel Inc. filed for bankruptcy in Delaware after the WeWork rival succumbed to work-from-home pressures driven by the coronavirus pandemic.
Knotel, which manages and rents short-term office space, saw customers cancel contracts, skip payments and ask for reduced rents after stay at home orders began last year, causing its revenue to plunge, Jureller said. Knotel listed both liabilities and assets of $1 billion to $10 billion, according to the petition.
Founded in 2015, Knotel had more than 4 million square feet (1.22 million square meters) of leased workspace under management in early 2020 and more than 300 customers across the U.S., Europe, Asia and South America, according to the Jureller declaration. Covid-19 has cast doubt on the business model of Knotel and other flexible office space and co-working companies that rely on people working near each other.
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