Exactly two years ago today, Governor Asa Hutchinson and Bentonville Mayor Stephanie Orman announced that New York-based WeWork had its sights set on building a 200,000 square-foot facility for use as a rentable workspace in Bentonville. I think we all know what happened with WeWork six months later...
- Bumps in the road: In September 2019, there was speculation that the company was overvalued by a whopping $37 billion ($47B vs $10B). Shortly after, co-founder Adam Neumann resigned and gave up some of his voting power. The company planned to go public, then it didn't. By the end of September, it withdrew its initial public offering. -KNWA/Fox24
- By November 2020, WeWork was no longer involved in Bentonville project for obvious reasons and the "Ledger Bentonville" was born. The 230,000 sf building will now be operated and managed locally and expected to open in 2022.
- "In streamlining our portfolio towards profitable growth, we have reached a mutual agreement with our Center City partners for the project to move forward without WeWork’s involvement. We remain committed to Bentonville through the launch of WeWork Labs in the historic Massey Building downtown and look forward to seeing the Ledger succeed," WeWork said in a statement.
- What is WeLabs?: Even though WeWork is officially out on the Ledger project, you may see or hear about WeLabs - WeWork's global digital platform. You can learn more here.
More information about the Ledger can be found HERE