Page 28 - Wework News Today

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SoftBanks WeWork, once most valuable U.S. startup, has succumbed to bankruptcy with liabilities ranging from $10 billion to $50 billion

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

The move represents an admission by SoftBank, the Japanese technology group that owns about 60% of WeWork and has invested billions of dollars in its turnaround, that the company cannot survive unless it renegotiates its pricey leases in bankruptcy.

Company once valued at $47bn never recovered from 2019 ouster of founder Adam Neumann and remote work revolution

​​WeWork and certain of its entities filed for protection under Chapter 11 of the US Bankruptcy Code. The company said its locations outside of the US and Canada are not part of this process.

The bankruptcy filing caps a dramatic fall from grace for the company that was once valued at $47 billion.

Adam Neumann, the former CEO of WeWork founded the company in 2010 and by 2019, it was worth $47 billion.

WeWork, the SoftBank Group-backed startup whose meteoric rise and fall reshaped the office sector globally, sought US bankruptcy protection on Monday, after its bets on ......

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