The daily business briefing: November 7, 2023

WeWork files for bankruptcy protection, Bumble founder Whitney Wolfe Herd steps down, and more

WeWork files for bankruptcy
WeWork files for bankruptcy
(Image credit: Justin Sullivan / Getty Images)

1. WeWork files for bankruptcy protection

Flexible-office-space company WeWork, which offers sleek workspaces and conference rooms for startups and freelancers, filed for bankruptcy protection on Monday after years of losses. The once-hot startup, valued at $47 billion at its January 2019 peak but just $47 million as of Friday, started struggling as the pandemic cut demand for office space. WeWork said in its Chapter 11 bankruptcy filing in New Jersey that it was undertaking a "comprehensive reorganization" and 92% of its creditors had agreed to its restructuring plan. WeWork, which has 660 locations in 37 countries, plans to renegotiate all of its leases and shut down in some places. The New York Times

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE
https://cdn.mos.cms.futurecdn.net/flexiimages/jacafc5zvs1692883516.jpg

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up
To continue reading this article...
Continue reading this article and get limited website access each month.
Get unlimited website access, exclusive newsletters plus much more.
Cancel or pause at any time.
Already a subscriber to The Week?
Not sure which email you used for your subscription? Contact us
Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.