WeWork seeks bankruptcy protection, a stunning fall for a firm once valued at close to $50 billion | CityNews Calgary

NEW YORK (AP) — WeWork has filed for Chapter 11 chapter safety, a shocking fall for the workplace sharing firm as soon as seen as a Wall Street darling that promised to upend the best way folks went to work all over the world.

The firm provided few specifics in regards to the course of its restructuring, however famous in its submitting that it was requesting the flexibility to cancel leases specifically areas that WeWork described as largely non-operational. All affected members have acquired superior discover, the corporate mentioned in a late Monday announcement.

The Associated Press