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Office sharing company WeWork files for bankruptcy protection

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The company was once valued at more than £38 billion.

In a statement on Monday, the company said it had entered into a restructuring support agreement with stakeholders to “drastically reduce” the company’s debt while further evaluating its commercial office lease portfolio.

Specific estimates of total locations impacted by the announcement were not given but all affected members have received advanced notice, the company said. “We defined a new category of working, and these steps will enable us to remain the global leader in flexible work.”

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