New Jersey photograph

New Jersey

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Capital Trenton
Minimum wage8. 85 USD per hour (Jan 1, 2019)
Population8. 909 million (2018)
Destinations Atlantic City
Cape May
Newark
Ocean City
Date of Reg.
Date of Upd.
ID853870
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About New Jersey


New Jersey is a northeastern U. S. state with some 130 miles of Atlantic coast. Jersey City, across the Hudson River from Lower Manhattan, is the site of Liberty State Park, where ferries embark for nearby Ellis Island, with its historic Immigration Museum, and the iconic Statue of Liberty. The Jersey Shore includes notable resort towns like historic Asbury Park and Cape May, with its preserved Victorian buildings.

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WeWork plans to file for bankruptcy, reports say

Oct 30,2023 11:01 am

By Zarina McDonaldBBC reporter

Troubled office-sharing firm WeWork may file for bankruptcy as early as next week, according to US media reports.

WeWork declined to comment when contacted by The Bbc .

Earlier on Tuesday, The Company it had agreed with creditors to temporarily postpone payments for some of its debt.

The Firm , which as a private business was once valued at $47bn (£38. 7bn), has lost almost 98% of its stock market valuation in the Last Year .

WeWork is considering filing for bankruptcy in New Jersey , according to the Wall Street Journal, which first reported The Story .

The Reuters news agency also reported The Story , citing a source familiar with The Matter .

In response to the reports a WeWork spokesperson said: " We do not comment on speculation. "

WeWork shares fell by More Than 40% in after-hours in New York trading on Tuesday.

The New York -based firm has been struggling since its initial due to concerns about its debts, losses and management.

A week before The Company confirmed that its share sale had been scrapped founder Adam Neumann stepped down as chief executive.

Scrutiny of his leadership had " become a significant distraction, " The Firm said.

The Company was also hit hard by the pandemic as social distancing rules drove people to work from home.

WeWork finally listed on the New York Stock Exchange in 2021 with a much lower valuation.

The Japanese conglomerate SoftBank has pumped tens of billions of dollars into WeWork as it continued to lose money.

In August,

At The Time , that it faced challenges including softer demand and a " difficult" operating environment.

It has also seen The Exit of several top executives this year, including that of former chief executive and chairman Sandeep Mathrani .

As of The End of June WeWork had 777 locations in 39 countries around The World , according to The Company .

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Source of news: bbc.com

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