WeWork Files for Chapter 11 Bankruptcy
variety.comK.J. Yossman WeWork, the corporate real estate company whose fortunes were portrayed by Jared Leto and Anne Hathaway in Apple TV+ series “WeCrashed,” has filed for Chapter 11 bankruptcy in the U.S.
Thirteen years after entrepreneurs Adam Neumann and Miguel McKelvey founded the flexible working space turned wannabe lifestyle brand in 2010, it has filed for bankruptcy protection in New Jersey as part of a “comprehensive reorganization” of the business.
The reorganization will include cutting back its property portfolio in the U.S. and Canada in a bid to “drastically reduce” its debts.
WeWork’s international business and franchises will not be affected by the bankruptcy proceedings, which protect it from claims by creditors as it restructures its finances.
Read more on variety.com