Office-sharing company WeWork filed for Chapter 11 bankruptcy protection in federal court Monday.
Valued in 2019 at $47 billion in a round led by Masayoshi Son's SoftBank, the company tried and failed to go public five years ago.The company reported liabilities ranging from $10 billion to $50 billion, according to a bankruptcy filing.
WeWork has suffered one of the most spectacular corporate collapses in recent U.S. history over the past few years. Valued in 2019 at $47 billion in a round led by Masayoshi Son's SoftBank, the company tried and failed to go public five years ago. The pandemic caused further pain as many companies abruptly ended their leases, and the economic slump that followed led even more clients to close their doors.a 1-for-40 reverse stock split to get its shares trading back above $1, a requirement for keeping its New York Stock Exchange listing.
Captain found criminally negligent in deaths of 34 people killed in fire aboard charter boat Conception in 2019 WeWork shares had fallen to a low of about 10 cents and were trading at about 83 cents before the stock was halted Monday."It has been challenging for me to watch from the sidelines since 2019 as WeWork has failed to take advantage of a product that is more relevant today than ever before," Neumann said in a statement to CNBC."I believe that, with the right strategy and team, a reorganization will enable WeWork to emerge successfully.
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