WeWork Files for Bankruptcy

null By Alexander Gladstone, Alexander Saeedy and Konrad PutzierUpdated Nov. 7, 2023 9:20 am ETWeWork, once a venture-capital darling, has filed for chapter 11 bankruptcy. WSJ breaks down how the desk-rental giant co-founded by Adam Neumann went from highflying startup to bankrupt penny stock. Photo: Patrick T. Fallon/AFP/Getty ImagesWeWork filed for bankruptcy, capping the flexible-office-space venture’s remarkable collapse after once being the nation’s most valuable startup. The company filed for chapter 11 protection in the U.S. Bankruptcy Court in New Jersey on Monday night and is now seeking court approval to reject 69 commercial real-estate leases that it says are “underperforming,” more than half of which are in New York. The Wall Street Journal reported last week that WeWork was planning to file for bankruptcy as it has struggled amid a historic downturn in the office market.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8Continu

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Opinion Nov 7, 2023 Add to Reading List

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Alexander Gladstone

Alexander Saeedy

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Konrad Putzier

Updated Nov. 7, 2023 9:20 am ET

WeWork, once a venture-capital darling, has filed for chapter 11 bankruptcy. WSJ breaks down how the desk-rental giant co-founded by Adam Neumann went from highflying startup to bankrupt penny stock. Photo: Patrick T. Fallon/AFP/Getty Images

WeWork filed for bankruptcy, capping the flexible-office-space venture’s remarkable collapse after once being the nation’s most valuable startup.

The company filed for chapter 11 protection in the U.S. Bankruptcy Court in New Jersey on Monday night and is now seeking court approval to reject 69 commercial real-estate leases that it says are “underperforming,” more than half of which are in New York. The Wall Street Journal reported last week that WeWork was planning to file for bankruptcy as it has struggled amid a historic downturn in the office market.