WeWork, once a venture-capital darling, has filed for chapter 11 bankruptcy. WSJ breaks down how the desk-rental giant co-founded by Adam Neumann went from highflying startup to bankrupt penny stock. Photo: Patrick T. Fallon/AFP/Getty Images
The company filed for chapter 11 protection in the U.S. Bankruptcy Court in New Jersey on Monday night and is now seeking court approval to reject 69 commercial real-estate leases that it says are “underperforming,” more than half of which are in New York.
The Wall Street Journalthat WeWork was planning to file for bankruptcy as it has struggled amid a historic downturn in the office market.This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com.
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