New York CNN —WeWork, the beleaguered coworking startup, has filed for bankruptcy protections in federal court.
“Now is the time for us to pull the future forward by aggressively addressing our legacy leases and dramatically improving our balance sheet,” said David Tolley, WeWork CEO, in a news release.
WeWork eventually went public roughly two years later at a much-reduced valuation of some $9 billion.
In May, WeWork announced a leadership shakeup with the departure of its chairman and CEO Sandeep Mathrani, a real estate executive who investors hoped would save the company.
David Tolley, a WeWork board member, stepped up as interim chief executive and was officially named CEO in October.
Persons:
New York CNN — WeWork, ”, David Tolley, WeWork, Adam Neumann, Neumann, Sandeep Mathrani
Organizations:
New, New York CNN
Locations:
New York