WeWork Expected to File for Bankruptcy Next Week

 WeWork, a company that offers open workspace rentals, is expected to file a lawsuit petition as early as next week. The company founded by Adam Neumann in 2010 faced serious financial issues from the very beginning even after receiving billions of dollars in funding from investors like Softbank.

The company currently has a debt burden of nearly $3 billion and long-term office space lease obligations of $13 billion. Just a few years ago WeWork was a $47 billion unicorn company seen as changing the landscape of modern office space. In Malaysia, WeWork entered the local market in 2019.

A combination of poor management caused Adam Neuman to be forced to resign. Efforts to change the company's direction have stalled due to the pandemic. Post-pandemic, the practice of working from home has become increasingly popular, making it increasingly difficult for WeWork to get customers.