WeWork filed for Chapter 11 bankruptcy in 2023 after expanding its coworking business globally.
The company filed for protection in the United States on November 6, 2023. WeWork had built a large network of flexible office spaces, but long-term leases, high costs, falling office demand, and financial losses created severe pressure after the COVID-19 pandemic.
The filing came several years after WeWork abandoned a planned public offering in 2019. That failed offering drew attention to the company’s losses, governance structure, and the role of co-founder Adam Neumann.
WeWork’s case involved restructuring leases and obligations rather than the immediate disappearance of every location. Regus, Airbnb, and Slack are separate companies: Regus provides flexible offices, Airbnb focuses on lodging, and Slack provides workplace messaging software.