WeWork seeks bankruptcy protection in stunning fall for a firm once valued at close to $50 billion

NEW YORK (AP) — WeWork has filed for Chapter 11 bankruptcy protection, marking a stunning but anticipated fall for the office sharing company once seen as a Wall Street darling that promised to upend the way people went to work around the world.

WeWork said it entered into a restructuring support agreement with the majority of its stakeholders to “drastically reduce” the company’s debt while further evaluating WeWork’s commercial office lease portfolio. WeWork added that it was requesting the ability to cancel leases in particular locations that WeWork described as largely non-operational as part of its filing.

All affected members have received advanced notice.

Source: AP – All contents copyright 2023 Associated Press.  All rights reserved.