Co-living firm Quarters closes in US – will focus on Europe
In what is likely to be viewed as a blow for the nascent microliving sector, co-living provider Quarters has closed its operations in the US.
A statement issued by Quarters’ press office said that the closure became effective on 15 January and that “all US leases go back to the buildings’ landlords.”
The company also said that the closure of the US business will require “a restructuring at the holding level”.
News that Quarters companies had filed for Chapter 7 bankruptcy, a means of liquidating a company’s assets in the US, began to emerge in the US press earlier this week.
Quarters lists six US addresses, two in New York, two in Brooklyn, one in Washington DC and another in Chicago.
In Europe it lists five locations in Berlin and another in The Hague.
Quarters, whose headquarters is in Berlin, says it will now, “fully focus its efforts on its home base in Europe with its locations in Germany and the Netherlands.”
It added that operations in Europe are not touched by the US closures. “All existing relationships with property owners in Europe will be continued. Quarters’ will continue focussing on the satisfaction of existing and future tenants.”