WeWork, the office-sharing company that has become one of the most high-profile symbols of the tech boom and bust, has filed for Chapter 11 bankruptcy protection.
The company, which was once valued at $47 billion, has been struggling to stay afloat in recent months. It has struggled under the weight of its massive debts and a failed IPO attempt that left it without the cash it needed to survive.
The bankruptcy filing is the latest in a series of misfortunes for the company, which has been plagued by a string of mismanagement scandals and allegations of sexist behavior.
WeWork’s decision to file for bankruptcy protection is likely to have far-reaching implications both for the company and the business model it pioneered. It may also spark further questions about the viability of the unicorns, or start-ups valued at more than a billion dollars, that have become synonymous with Silicon Valley.