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- WeWork shares tanked over 35% in premarket trading on Wednesday after media reports that the flexible workspace provider was planning to file for bankruptcy as early as next week.
The bankruptcy filing would follow a series of troubles for the SoftBank-backed company since its IPO plans imploded in 2019 on skepticism over its business model of taking long-term leases and renting them for short term. "Although the façade had started to be chipped away to reveal big losses and high debts before the pandemic, the COVID-crisis put paid to its already weak business model," said Susannah Streeter, head of money and markets, Hargreaves Lansdown.
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