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Office-sharing company WeWork files for bankruptcy

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WeWork shares tanked by nearly 50% on Wednesday amid reports that they plan to file for bankruptcy.

has filed for Chapter 11 bankruptcy protection, 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 is requesting the “ability to reject the leases of certain locations,” which the company says are largely non-operational, as part of the filing. Specific estimates of total impacted locations were not disclosed Monday, but all affected members have received advanced notice, the company said.

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