WeWork has filed for bankruptcy. The move comes as the company is squeezed by mounting debts, high interest rates, and an increasing number of people working from home.
WeWork filed for Chapter 11 protections, the company announced Monday night. The process allows a company to continue operating as it reorganizes. WeWork locations overall will remain open, the company says, and the process affects only locations in the US and Canada, as it also plans to file for similar protections there.
But as a part of its filing, WeWork is requesting to leave leases in some locations it says are “largely non-operational.”
“Now is the time for us to pull the future forward by aggressively addressing our legacy leases and dramatically improving our balance sheet,” WeWork CEO David Tolley said as he announced the bankruptcy filing.
It’s the continuation of an epic fall for the once-hyped…
#1 PATTERN IN CRYPTO!!!