As reported by multiple news media outlets, WeWork sought bankruptcy court protection on November 6, 2023, in New Jersey while it reorganizes its debts. One of the driving forces of the bankruptcy is disclosed to be its heavy commercial lease burden, with roughly 69 of its leases on the immediate chopping block.

Background

Businesses that were already struggling before the COVID-19 pandemic hit the United States are now facing the consequences of having to close their doors during the public health crisis.