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Just days after flexible workspace operator Knotel revealed it was filing for Chapter 11 bankruptcy, cofounder Edward Shenderovich stated he would be stepping back from his role as chairman. In the meantime, CEO Amol Sarva will take over.
“Just to be clear, I am not abandoning the ship – I hope to be back after the Chapter 11 process concludes. Just stepping out for a while,” Shenderovich stated in an email.
Shenderovich was responsible for much of Knotel’s fundraising. In August 2019, the company raised $400 million in a Series C fundraising round. $250 million from this round was to be used towards buying buildings on behalf of lead investor Wafra, but that never came to fruition.
In recent months, Knotel has struggled to raise capital. In July, Sarva revealed he had raised $10 million and was working to bring an additional $100 million by the end of August, but again, that never happened.
Knotel has also faced numerous lawsuits from various landlords, claiming the firm owes millions in unpaid rent and other debts.
At the beginning of the year, Sarva told staff he had secured more funding, but did not reveal how much and from where. An insider stated that this was a restructuring deal that included debt and equity components.
The company now has plans to sell its business to real estate services firm Newmark.
