The We Company has announced its decision to revert to its original name, WeWork, marking a significant shift for the coworking startup.

A Return to Roots

Founded in 2010 as WeWork, the company underwent a rebranding in January 2019, adopting the name The We Company as it expanded beyond office spaces into residential and educational ventures. Now, nearly two years later, it is returning to its foundational identity as WeWork.

In a blog post on Wednesday, the company cited this decision as part of its strategy to refocus on its core product and establish itself as a global leader in end-to-end business solutions.

Challenges Amidst the Pandemic

Like many in the real estate sector, WeWork has been significantly impacted by the COVID-19 pandemic. The company faces substantial vacancies in key markets such as New York City and Los Angeles. Collaborating with established commercial real estate firms like JLL and CBRE, WeWork is actively working to address these challenges.

Amid layoffs and restructuring efforts necessitated by the pandemic, WeWork has also expressed its commitment to supporting employees during this difficult period.

Turbulence in Recent History

WeWork’s decision to return to its original name comes amidst a tumultuous period in its recent history. In September of the previous year, the company prepared for a highly anticipated $47 billion IPO. However, the IPO was derailed by revelations in its S-1 filing, exposing financial struggles, operational issues, and concerns over leadership under cofounder and then CEO Adam Neumann.

Subsequent to Neumann’s departure, WeWork confronted the looming threat of bankruptcy and ultimately withdrew its IPO. Softbank, a major investor, had infused $9 billion into the company before the IPO’s collapse, prompting reflection from Softbank CEO Masayoshi Son on their investment strategy.

Moving Forward

As WeWork navigates through these challenges and transitions, its return to the WeWork name signals a renewed focus on its core business and a commitment to charting a path forward in a rapidly evolving landscape.