WeWork plans to file for bankruptcy, WSJ reports

Co-working company WeWork is reportedly planning to file for bankruptcy as early as next week. The company, which had a valuation of $47 billion before its failed IPO and challenges during the pandemic, has been in discussions with creditors to improve its balance sheet and rationalize its real estate footprint. It recently entered into a forbearance agreement with its creditors that will end in seven days. WeWork debuted in 2010 and grew rapidly, but now faces the prospect of bankruptcy.