Despite efforts to manage the challenging financial landscape, Common Living has announced that it will cease operations due to insolvency. The co-living and apartment solutions provider was not able to achieve profitability and did not have the liquidity to continue operations without the ongoing significant financial support of Habyt, its parent company.
"It is with a heavy heart that we announce the closure of Common," says Luca Bovone, CEO of Habyt. "The Common team has dedicated themselves to delivering innovative living solutions to our customers. It is deeply disappointing to end this journey, and we extend our heartfelt gratitude to Common’s employees, partners, and customers for their unwavering support over the years.
"This decision, although not what we had hoped for, will make the remainder of the Habyt group more financially agile, with greater capacity to accelerate growth and generate value.”
All operations will be suspended immediately as the company initiates the process of closing its business affairs. The closure will impact Common employees, who will receive support during this transition.
Customers with active leases or memberships will be contacted directly to discuss the implications of the closure. Common will fulfill its obligations to the best of its ability during this period, subject to the requirements of U.S. Bankruptcy Code.
Habyt will maintain a share of its presence in the United States, with several buildings directly connected to the group in New York City; Chicago; Los Angeles; Washington, D.C.; and Austin, Texas.
