WeWork's Bankruptcy Woes

WeWork Inc. is a provider of coworking spaces, including physical and virtual shared spaces, headquartered in New York City. 

WeWork's filing for bankruptcy would mark a stunning reversal of fortune for the company, privately valued at $47 billion in 2019.

The company has been in trouble since Mr Adam Neumann's (founder) forced departure in late 2019 following WeWork's failed IPO, in which the company's valuation fell from $47 billion to less than $10 billion.

Troubled co-working company WeWork Inc. plans to file its Chapter 11 petition for bankruptcy in New Jersey.

WeWork India has 50 centers, covering 6.5 million square feet area across 7 cities -- New Delhi, Gurugram, Noida, Mumbai, Bengaluru, Pune, and Hyderabad.

In a statement of WeWork's India CEO Karan Virwani said, "WeWork India is a separate entity from WeWork Global. The recent news around the potential bankruptcy and Chapter 11 filing in the US will have no impact on the members and stakeholders in India."

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