Page 27 - Wework News Today

WeWork, the SoftBank Group-backed startup whose meteoric rise and fall reshaped the office sector globally, sought U.S. bankruptcy protection on Monday after its bets on companies using more of its office-sharing space soured.

The start-up once worth $47bn has endured years of struggle as workers shunned the office

‘We remain committed to investing in our products, services, and world-class team of employees to support our community, says chief executive

The office sharing start-up founded by Adam Neumann was once valued at $47 billion.

WeWork was once valued at $47 billion, but it's been in turmoil ever since its 2019 IPO fell apart.

The company reported estimated assets and liabilities ranging from $10 billion to $50 billion, according to a bankruptcy filing.

The move is a blow for landlords who have rented space to the co-working group, which is planning a “comprehensive reorganization” that includes cutting some of its leases.

In WeWork India, Bengaluru-based real estate firm Embassy Group has a 73 per cent stake, while WeWork Global has a 27 per cent shareholding.

Profitability has remained elusive as WeWork grapples with its expensive leases and corporate clients cancelling because some employees work from home.

WeWork, the co-working real estate giant that offered office space to start-ups and individuals, announced Monday that it has filed for bankruptcy.