WeWork — once one of the world's hottest startups — declares bankruptcy
CBSN
WeWork, the formerly high-flying shared office space company that was once among the world's most valuable startups, filed for bankruptcy on Monday after years of deteriorating financial performance.
WeWork's collapse caps a startling decline for a company that was valued at $47 billion in early 2019 after a torrent of venture capital funding from Japan's Softbank, Goldman Sachs, BlackRock and other blue-chip investors. Over time, its operating expenses soared and the company relied on repeated cash infusions from private investors.
WeWork leases buildings and divides them into office spaces to sublet to its members, which include small businesses, startups and freelancers who want to avoid paying for permanent office space. The company began struggling right out the gate, however, because millions of Americans converted to remote work and no longer needed office space when mandatory COVID lockdowns were in place.
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