WeWork files for bankruptcy after grappling with $2.9bn in long-term debt

Company once valued at $47bn never recovered from 2019 ouster of founder Adam Neumann and remote work revolution

WeWork filed for chapter 11 bankruptcy on Monday in New Jersey, according to a statement from the company.

The beleaguered company, once valued at $47bn on the private market, endured a 98% decline in its share price this year, leaving it with a market capitalization of less than $50m. In August, it raised substantial doubt" that it could continue to operate as it grappled with $2.9bn in net long-term debt and more than $13bn in long-term leases. The company said in a statement it had entered into a restructuring support agreement and would deal with the debt by addressing our legacy leases and dramatically improving our balance sheet".