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Once valued at a mighty $47 billion, WeWork has filed for Chapter 11 bankruptcy in New Jersey.
Despite sinking billions into the business, majority investor SoftBank has cut its losses after a tough four years, exasperated by both post-pandemic working trends and the impact of rising interest rates on the commercial property market.
In the filing, WeWork reported debts of more than $18 billion.
In a statement published on Nov. 7, WeWork CEO David Tolley said the company had entered into a restructuring support agreement and would deal with the debt by addressing legacy leases and “dramatically improving” its balance sheet.
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