New York-based co-working startup WeWork Inc. has filed for bankruptcy protection after a failed attempt to recover from the pandemic. The company also had a failed initial public offering (IPO) attempt in 2019.

WeWork currently has assets and liabilities worth between $10 billion and $50 billion, according to a Chapter 11 petition filed in New Jersey. The insolvency filing will give WeWork management time to prepare a plan for repaying debt while continuing to operate the business.

WeWork expanded its India presence to 36 prime locations across the country.

In early 2023, WeWork reached a debt restructuring agreement with lenders. However, in August, the company itself cast doubt on its ability to resume operations and decided to wind up operations in “underperforming” locations.

Despite having a presence in 777 locations in 39 countries and occupancy rates near pre-pandemic levels, WeWork remains unprofitable. The extended pandemic-era work culture has also posed challenges.

In 2021, WeWork went public with the aim of acquiring other companies. However, two years later, investors flagged concerns about the company”s mismanagement, declining valuation, and dwindling growth prospects. The failed attempt to make a deal led to the resignation of founder Adam Neumann as CEO.

Following Neumann”s resignation, WeWork”s valuation began to fall from its peak of $47 billion. Knotel Inc. and subsidiaries of IWG Plc sought bankruptcy protection in 2021 and 2020, respectively.