Reports have surfaced that office-sharing firm WeWork is planning to file for bankruptcy. The bankruptcy filing could happen at some time in November 2023 in the state of New Jersey.
The company’s bankruptcy filing does not come as a surprise. WeWork shares have crashed over 99% since its stock-market debut in March 2021. The company had net long-term debt estimated at $2.9 billion as of June end and more than $13 billion in long-term leases. Before WeWork went public the company was valued at $47 billion in 2019.
As of now, WeWork has 777 locations in 39 different countries.