WeWork, a provider of coworking spaces, including physical and virtual shared spaces, headquartered in New York City has just filed for Chapter 11 bankruptcy in New Jersey.
WeWork Files Chapter 11 Bankruptcy in New Jersey
Long time coming… pic.twitter.com/HIgSifwVVf
— Parker Ross (@Econ_Parker) November 7, 2023
As of December 31, 2022, the company operated 43.9 million square feet of commercial space, including 18.3 million square feet (1,700,000 m2) in the United States and Canada, in 779 locations in 39 countries.
Last month, WeWork said it would miss interest payments of $95 million. After a 30-day grace period, which is set to expire tomorrow, the company leadership has decided to file for bankruptcy. The slashing of corporate office space due to the pandemic and post-pandemic telework has had a significant impact on the commercial real estate giant. Trading of the company stocks was suspended today.