Coworking space giant WeWork filed for Chapter 11 bankruptcy on Monday following weeks of speculation surrounding the company’s future.
WeWork, which was once the highest valued startup across the globe, lost 99% of its value on the stock market by the time of its bankruptcy filing.
The company signaled that it would maintain operations in its current spaces as WeWork continues to sort out its leasing obligations and pay its debts.
“Now is the time for us to pull the future forward by aggressively addressing our legacy leases and dramatically improving our balance sheet,” WeWork CEO David Tolley said in a statement.
