By way of Zarina McDonaldBBC reporter1 November 2023, 03:20 GMTUpdated 2 hours agoImage supply, Getty ImagesTroubled office-sharing company WeWork might record for chapter as early as subsequent week, in line with US media stories.WeWork declined to remark when contacted by means of the BBC.The company, which as a non-public industry was once as soon as valued at $47bn (£38.7bn), has misplaced virtually 98% of its inventory marketplace valuation within the ultimate yr.WeWork is thinking about submitting for chapter in New Jersey, in line with the Wall Boulevard Magazine, which first reported the tale.The Reuters information company additionally reported the tale, bringing up a supply accustomed to the topic.In keeping with the stories a WeWork spokesperson mentioned: “We don’t touch upon hypothesis.”WeWork stocks fell by means of greater than 40% in after-hours in New York buying and selling on Tuesday.Per week earlier than the corporate showed that its percentage sale were scrapped founder Adam Neumann stepped down as leader govt.Scrutiny of his management had “turn into a vital distraction,” the company mentioned.The corporate was once additionally hit exhausting by means of the pandemic as social distancing regulations drove folks to work at home.WeWork in any case indexed at the New York Inventory Change in 2021 with a far decrease valuation.The Eastern conglomerate SoftBank has pumped tens of billions of greenbacks into WeWork because it endured to lose cash.It has additionally noticed the go out of a number of best executives this yr, together with leader govt and chairman Sandeep Mathrani.As of the top of June WeWork had 777 places in 39 nations world wide, in line with the corporate.
