WeWork seeks bankruptcy protection, a stunning fall for a firm once valued at close to USD 50 billion

WeWork has filed for Chapter 11 bankruptcy protection, a stunning fall for the office sharing company once seen as a Wall Street darling that promised to upend the way people went to work around the world.

In a late Monday announcement, WeWork said it entered into a restructuring support agreement with stakeholders to “drastically reduce” the company’s debt while further evaluating WeWork’s commercial office lease portfolio.

WeWork is requesting the “ability to reject the leases of certain locations,” which the company says are largely non-operational, as part of the filing. Specific estimates of total impacted locations were not disclosed Monday, but all affected members have received advanced notice, the company said.