Beleaguered shared office giant WeWork, which has been in dire financial straits for years, announced Monday that it had filed for bankruptcy in a bid to negotiate down its debt.
The coworking company said its bankruptcy impacts operations in the United States and Canada, but "global operations are expected to continue as usual."
The bankruptcy filing was a stark turn of events for the New York-based company, which was once a startup darling promising to reshape the office sector globally.
It at one point attracted huge infusions from investors, including SoftBank and venture capital firm Benchmark. WeWork was considered the most valuable US startup as recently as 2019, worth $49 billion.
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