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 WeWork logo is displayed outside of a shared commercial office space building in Los Angeles, California on August 8, 2023. Embattled office-sharing firm WeWork on August 8 warned US regulators that it is worried about its survival.
"I am deeply grateful for the support of our financial stakeholders as we work together to strengthen our capital structure and expedite this process through the Restructuring Support Agreement," WeWork CEO David Tolley said in a press release. "We remain committed to investing in our products, services, and world-class team of employees to support our community.
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.
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