Office-sharing company WeWork has filed for Chapter 11 bankruptcy protection in a New Jersey federal court, with the bankruptcy filing limited to its locations in the US and Canada, CNBC reports.
The company, which was valued at $47 billion in 2019, had struggled in recent years, failing to go public and facing challenges brought on by the COVID-19 pandemic as companies canceled their leases.
WeWork reported liabilities ranging from $10 billion to $50 billion. The bankruptcy is part of WeWork’s plan to strengthen its capital structure and expedite the process through a Restructuring Support Agreement.
