WeWork seeks bankruptcy protection in stunning fall for a company once valued close to $50 billion

By WYATTE GRANTHAM-PHILIPS
AP Business Writer

NEW YORK (AP) — WeWork has filed for Chapter 11 bankruptcy protection. It marks a stunning but anticipated fall for the office sharing company once seen as a Wall Street darling that promised to upend the way people went to work around the world. WeWork says it entered into a restructuring support agreement with the majority of its stakeholders to “drastically reduce” its debt while further evaluating its commercial office lease portfolio. WeWork added that it is seeking to cancel leases in locations that WeWork described as largely non-operational. All affected WeWork members have received advanced notice.