Reports indicate that WeWork intends to seek bankruptcy protection.

US media reports suggest that troubled office-sharing firm WeWork may file for bankruptcy as early as next week. Reports also indicate that WeWork is considering filing for bankruptcy in New Jersey. The company, which was once valued at $47bn, has lost almost 98% of its stock market valuation in the past year. WeWork declined to comment on the reports. The company has been struggling since its failed attempt to sell shares on the stock market in 2019. Founder Adam Neumann stepped down as CEO amid scrutiny of his leadership. WeWork has been heavily impacted by the pandemic as people started to work from home. The company finally listed on the New York Stock Exchange in 2021 at a much lower valuation. SoftBank, the Japanese conglomerate, has invested billions into WeWork despite its financial losses. WeWork raised concerns about its ability to continue operations in August, citing softer demand and a challenging operating environment. The company has also experienced the departure of several top executives this year, including the CEO and chairman. As of June, WeWork had 777 locations in 39 countries worldwide.