US-based company that has been with us for a very long time WeWorktook the expected step today and officially filed for bankruptcy.
Adam Neumann And Miguel McKelvey Founded in 2010 by WeWorkif you haven’t heard of it before It made a lot of noise as an initiative that provides co-working and office environments to companies.. The company, which at one point reached a valuation of $47 billion and attracted more than $22 billion in investments over the years, filed for limited bankruptcy before the end of 2023. Company, as reported With this step, it plans to continue its operations while planning how to restructure its debts. While it is stated that WeWork’s bankruptcy request will not affect its operations in countries other than the USA and Canada, Japan-based giant SoftBank, which owns 60 percent of the company and has invested billions of dollars in the company so far, has concluded that WeWork cannot survive without renegotiating expensive lease agreements. The company whose shares have fallen 98.5 percent since the beginning of this yearwill continue to be among us for a while longer. Here WeWork India is one of the strongest units under the company umbrella and is largely insulated from bankruptcy as it is majority owned by Embassy Group. The Indian unit is making money and does not need external capital to operate, the head of state in India said in a statement today.