WeWork , Files for Bankruptcy.
WeWork, previously "the world's most valuable startup," filed for bankruptcy on Nov.
6, CNN reports.
The bankruptcy filing was expected, as the company announced last month that it was having a difficult time paying off its debt.
Much of the company's struggles are attributed to the pandemic, a time in which people were working more from home, as opposed to utilizing WeWork's office spaces.
WeWork's stock reportedly lost over 99% of its value during that time.
At its peak, WeWork was worth $47 billion.
.
On Nov.
6, it had a $45 million valuation.
WeWork will stay "open and operational" while it attempts to renegotiate lease and debt terms, CNN reports.
.
Now is the time for us to pull the future forward by aggressively addressing our legacy leases and dramatically improving our balance sheet, David Tolley, WeWork CEO, via news release.
We remain committed to investing in our products, services, and world-class team of employees to support our community, David Tolley, WeWork CEO, via news release
