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The company’s unraveling, which was reported by New York magazine, left dozens of designers reeling. At least two were owed more than $30,000, potentially life-altering sums for freelancers.
Courtney Rubin • How a Hot $100 Million Design Startup Collapsed Overnight
500 million in profit by 2017. Instead, the company was on pace to lose nearly $1 billion as the costs of its rapid expansion grew.
Reeves Wiedeman • Billion Dollar Loser: The Epic Rise and Spectacular Fall of Adam Neumann and WeWork
economy, legal issues were making the business model look riskier.
Sarah Kessler • Gigged: The Gig Economy, the End of the Job and the Future of Work
But CloudKitchens is struggling to overcome early challenges, limiting how much it can take advantage of the crisis, at least in the U.S. Certain properties it has bought have turned out to be in worse shape than anticipated, making some of them unusable and sharply raising the costs of renovating others, say people with knowledge of the problems.