Former high-flying start-up WeWork has filed for bankruptcy, marking a fresh low for the co-working company that struggled to recover from the pandemic and its failed initial public offering in 2019.
WeWork, the SoftBank Group-backed start-up whose meteoric rise and fall reshaped the office sector globally, sought US bankruptcy protection on Monday, after its bets on companies using more of its office-sharing space soured.
WeWork at Harris Street, Sydney. Credit: Edwina Pickles
The move represents an admission by SoftBank, the Japanese technology group that owns about 60 per cent of WeWork and has invested billions of dollars in its turnaround, that the company cannot survive unless it renegotiates its pricey leases in…
