Shared-offices company WeWork, which arguably mainstreamed the space as a service (SPaaS) model, has filed for chapter 11 bankruptcy in a federal court in New Jersey, a statement from the company reads. 

In a post to its Newsroom page WeWork says its coworking properties “remain open and operational and the company will continue to provide its signature member experience”. That positive spin is characteristic of the whole update, which calls the reorganisation “strategic action to significantly strengthen balance sheet and further streamline real estate footprint”. Sjoe, that’s heavy lifting in the PR department. ..

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