Flexible workspace provider WeWork is planning to file for bankruptcy as early as next week, according to the Wall Street Journal report, citing people familiar with the matter.
The Reuters news agency also reported the story, citing a source familiar with the matter.
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Following the news, WeWork’s shares fell 30 per cent in extended trading. This year, the company’s shares have fallen by an estimated 96 per cent.
The New York-based company is reportedly considering filing a Chapter 11 petition in New Jersey.