WeWork planning to file for bankruptcy as early as next week

The company has been in turmoil ever since its plans to go public in 2019 imploded following investors' scepticism over its business model

The company had net long-term debt of $2.9bn (€2.75bn) as of June end and more than $13bn (€12.3bn) in long-term leases, at a time when rising borrowing costs are hurting the commercial real estate sector. (Photo by Drew Angerer/Getty Images)

WeWork plans to file for bankruptcy as early as next week, a source familiar with the matter said on Tuesday, as the SoftBank Group-backed company struggles with a massive debt pile and hefty losses.

Shares of the flexible workspace provider fell 32% in extended trading after the Wall Street Journal first reported the news. They have fallen roughly 96% this year.