Formerly a high-flying startup, WeWork Inc. has filed for bankruptcy, marking another low point for the co-working giant. WeWork’s financial troubles began with its failed initial public offering in 2019 and were exacerbated by the challenges of navigating the pandemic. The bankruptcy filing is a significant acknowledgment by SoftBank, the Japanese technology group that owns around 60% of WeWork and has invested heavily in its turnaround. During the second quarter of 2023, WeWork’s leases consumed 74% of its revenue. WeWork’s bankruptcy filing allows the company to potentially shed onerous leases and find a path to financial stability.

Source: News 24 November 07, 2023 11:17 UTC