WeWork, the co-working real estate giant that offered office space to start-ups and individuals, announced Monday that it has filed for bankruptcy.
Office sharing company WeWork, once among the world's most valuable startups, has filed for bankruptcy.
"Now is the time for us to pull the future forward by aggressively addressing our legacy leases and dramatically improving our balance sheet," said CEO of WeWork, David Tolley in aThe company confirmed the news on their website, revealing it filed for protection under Chapter 11 of the U.S. Bankruptcy Code, and intends to file recognition proceedings in Canada under Part IV of the Companies' Creditors Arrangement Act.
Despite efforts to turn the company around since the ouster of founder and CEO Adam Neumann - including significant cuts to operating costs and rising revenue - WeWork has struggled in a commercial real estate market that has been rocked by the rising costs of borrowing money, as well as a shifting dynamic for millions of office workers now checking into their offices remotely.
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