WeWork is all set to file for bankruptcy

WeWork is all set to file for bankruptcy

After this news broke out, WeWork saw stock prices drop by 32% in extended trading, and then once again by 35% in premarket trading. Overall, the stocks have been down 96% overall this year, which is definitely not something to be proud of. As far as their finances are concerned, the company has a net long-term debt of $2.9 billion in June 2023, and more than $13 billion in long-term leases. Another factor that truly hampered the operations of WeWork, was the pandemic. With everyone forced to work from home, the demand for leased and shared office spaces declined, leading to a loss of loyal and long term customers.