WeWork's Bankruptcy Filing Sends Shockwaves Through Real Estate Market

WeWork, the office-sharing company once valued at $47 billion, has filed for Chapter 11 bankruptcy protection in the U.S. and Canada. The company cited financial losses, cash needs, and a drop in memberships as reasons for the filing. WeWork intends to trim "non-operational" leases and has entered into agreements with the majority of its secured note holders. The company reported liabilities ranging from $10 billion to $50 billion. WeWork's collapse was exacerbated by the pandemic, as many companies ended their leases and clients closed their doors. Former CEO Adam Neumann expressed disappointment and believes a reorganization can lead to a successful emergence.