Another big hit to the co-working space has come with the news the The Wing has closed all locations across the U.S. According to the New York Times, the women’s-only social club and co-working space with locations in San Francisco, Los Angeles, New York and Chicago sent a letter to members and investors saying the clubs would be closing.
“With the backdrop of the Covid pandemic and increasing global economic challenges, we have been unable to recover and grow from the level of active membership and event activity necessary to run a financially stable operation,” a letter sent to Wing members said.
At one point, The Wing reported to have some 12,000 members, with another 9,000 on a waitlist.
IWG, the parent company of The Wing, said members could have access to IWG’s U.S. locations for use through the end of September.
The New York Times reports that joining the Wing cost $2,500-$3,000 a year, while WeWork invested $28 million in the company.