TECH - WeWork Files For Bankruptcy: Ex-CEO Adam Neumann Says 'Reorganization Will Enable WeWork To Emerge Successfully' | Benzinga
Office-space provider, WeWork (NYSE:WE), has filed for Chapter 11 bankruptcy protection, as it faces liabilities between $10 billion and $50 billion.
What Happened: The filing is limited to the company’s locations in the U.S. and Canada, CNBC reported. The firm stated that it had entered into agreements with a majority of its secured noteholders and plans to cut “non-operational” leases.
“We remain committed to investing in our products, services, and world-class team of employees to support our community,” said WeWork CEO David Tolley.
Why It Matters: In recent years, WeWork has witnessed a dramatic corporate downfall, failing an IPO attempt and suffering from the pandemic-induced economic downturn. The company’s value plummeted by 98% ...