Knotel files for bankruptcy as office rent with pandemic strains

Knotel are filed for bankruptcy in Chapter 11 in Delaware court after The WeWork rival was pressured by coronavirus.

The company, which manages and leases on a short-term basis office space, had to faces in the last year the companies and governments that have forced workers to stay home.

He listed both liabilities and assets estimated at $ 1 billion to $ 10 billion. The company obtained debt financing in the possession of a Newmark subsidiary worth approximately $ 20 million in cash.

In March last year, New York-based Knotel said it was cutting or dumping half of its staff, or about 200 workers, in response to the coronavirus.

Covid-19 questioned the business model of Knotel and other flexible office spaces and companies that work together, relying on people working close to each other.

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