Name: WeWork plans to file for bankruptcy as early as next week, source says
Uploaded: 2023-11-06T21:01:20.000Z
Duration: 1 min 28 s
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Sentences with advanced comparative

Wework is set to file for bankruptcy as soon as next week, that's according to a Reuters source.

The office-sharing company has been struggling with big losses and a massive pile of debt.

Now bankruptcy would mark an astonishing fall from grace.

Back in 2019, it was valued at $47 billion, but Wework has been in turmoil ever since its plans to go public imploded that same year.

Investors had grown skeptical over its business model which sees it take long-term leases on buildings and then rent out the space short term.

Its mounting losses also triggered alarm.

So too did the erratic management style of now departed founder Adam Newman.

Though it did finally go public in 2021 at a much-reduced valuation.

Bankruptcy would also be a big black mark for Wework's main backer.

The giant Japanese investment firm Softbank, it has plowed billions into Wework in a bid to turn things around only to see the losses keep piling up.

Shares in Wework fell 32% in extended us trade Tuesday after news of the possible filing was first reported by the Wall Street Journal.

Wework had no comment on the latest news reports.

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WeWork plans to file for bankruptcy as early as next week, source says

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