 "In graphics | What went wrong with Wall Street darling WeWork?")
SoftBank Group-backed startup WeWork, has filed for Chapter 11 bankruptcy protection after reporting liabilities of $10-$50 billion. The development comes at a time of a massive disruption in the commercial real estate market. It’s not clear how many WeWork locations will remain open. In the most recent filing that included numbers, the company said it had 777 locations in 39 countries. Issuing a statement, the co-working space provider said, “WeWork Inc. and certain of its entities filed for protection under Chapter 11 of the US Bankruptcy Code, and intend to file recognition proceedings in Canada." The firm also said that the company’s locations and franchise outside the United States and Canada are not affected by the move. India-based WeWork CEO Karan Virwani also confirmed the same. The specter of bankruptcy has hovered over WeWork for some time. Let’s take a look at the rise and fall of WeWork.
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