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Flexible workspace provider WeWork sought U.S. bankruptcy protection on Monday, crippled by a large debt pile and soaring losses due to lower demand for office space from cost-conscious customers.

WeWork Inc (NYSE:WE) said its office spaces will remain open as it works to reduce its debt obligations and carries out a restructuring after filing for bankruptcy protection. The New York-based office space rental company on Monday evening confirmed that it has filed for Chapter 11 bankruptcy protection in New Jersey, following reports last week that it was preparing to file.

The company said its coworking spaces will remain open as it seeks to exit and renegotiate leases. NEW YORK (AP) — After months of signaling bankruptcy could be on the horizon, WeWork has officially filed for Chapter 11 bankruptcy protection, marking a stunning fall for the office sharing company once seen as a Wall Street darling that promised to upend the way people went to work around the world.

WeWork (NYSE: WE ) declared bankruptcy. Trade was halted on the shares.

The company filed for chapter 11 protection in the U.S. Bankruptcy Court in New Jersey.

WeWork filed for Chapter 11 bankruptcy protection on Monday. Its 2019 IPO attempt opened scrutiny of its profitability, and the pandemic made its finances worse.

Rivals to WeWork in the UK are already eyeing up its prime properties following its bankruptcy last night. London-listed IWG, which runs Regus and Spaces, told reporters it has already acquired some ex-WeWork sites and is on the lookout for more.

WeWork Inc. (NYSE: WE) was once among America's most valuable private companies.

WeWork has filed for bankruptcy, months after hinting it was teetering on the edge. FOX Business gives a timeline of the long-suffering office-sharing company's years of troubles.

Office sharing company WeWork - once regarded as one of the most valuable start-ups - has filed for bankruptcy in the US.