DeWorked

Shared workspace company WeWork files for bankruptcy

WeWork, the shared workspace company once valued at nearly $50 billion, filed for bankruptcy November 6, putting an exclamation point on a downturn of in-office work in the global economy since the Covid-19 pandemic.

The company said it expects operations to continue as usual in an 11/6 press release, noting that it “maintains the strong support of its key financial stakeholders” and has entered into an RSA (Restructuring Support Agreement) with holders representing approximately 92% of its secured notes.

As of 2022, WeWork had 779 locations in 39 countries, including 547,000 members.