WeWork files for bankruptcy with liabilities of up to $50bn

WeWork, the SoftBank Group-backed start-up that was once a darling of Silicon Valley valued at $47bn (£38.7bn), has filed for bankruptcy in the United States.

The flexible workspace company, whose meteoric rise and fall reshaped the office sector globally, is seeking Chapter 11 bankruptcy protection after its bets on companies using more of its office-sharing space soured.

The move represents an admission by SoftBank, the Japanese technology…