WeWork Files for Bankruptcy
The company said its co-working spaces will remain open for now
After months of signaling bankruptcy could be on the horizon, WeWork has officially filed for Chapter 11 bankruptcy protection, marking a stunning 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.
In a late Monday announcement, 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 is also requesting the "ability to reject the leases of certain locations," which the company says are largely non-operational, as part of the filing. Specific estimates of total impacted co-working locations were not disclosed Monday, but all affected members have received advanced notice, the company said.
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