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Deja Bù: Mark reconnects with Jessica Harnois, founder Bù Wines | SaltWire -WeWork, the SoftBank Group-backed startup whose meteoric rise and fall reshaped the office sector globally, sought U.S. bankruptcy protection on Monday, after its bets on companies using more of its office-sharing space soured.
The company reported estimated assets and liabilities ranging from $10 billion to $50 billion, according to a bankruptcy filing. Neumann's pursuit of breakneck growth at the expense of profits, and revelations about his eccentric behavior, led to his ouster and the derailment of an initial public offering in 2019.
Many of its landlords, who were also feeling the squeeze, had little incentive to give WeWork a break on the terms of their leases.
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