Office-sharing company WeWork filed for Chapter 11 bankruptcy protection in New Jersey federal court on Tuesday. WeWork has suffered one of the most spectacular corporate collapses in recent U.S. history over the past few years. Once valued at $47 billion in 2019, they tried and failed to go public five years ago. The pandemic caused further issues as many client companies abruptly ended their leases. The subsequent economic slump led even more clients to close their doors. Former CEO and co-founder Adam Neumann said the bankruptcy filing was "disappointing" and that he believes WeWork can emerge successfully with the right strategy. The bankruptcy filing only includes WeWork locations in the U.S. and Canada. International operations are not included.
