Business & Tech
WeWork — Once One Of The World's Hottest Startups — Declares Bankruptcy
WeWork's locations and franchises outside of the U.S. and Canada are not part of the bankruptcy proceedings, the company said.
November 7, 2023
WeWork, the formerly high-flying shared office space company that was once among the world's most valuable startups, filed for bankruptcy on Monday after years of deteriorating financial performance.
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WeWork's collapse caps a startling decline for a company that was valued at $47 billion in early 2019 after a torrent of venture capital funding from Japan's Softbank, Goldman Sachs, BlackRock and other blue-chip investors. Over time, however, its operating expenses soared and the company relied on repeated cash infusions from private investors.
"Now is the time for us to pull the future forward by aggressively addressing our legacy leases and dramatically improving our balance sheet," CEO David Tolley said in a statement. "We defined a new category of working, and these steps will enable us to remain the global leader in flexible work."
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