The story of the meteoric rise and fall of WeWork has come to an end, as the SoftBank Group-backed start-up has filed for bankruptcy in the US as a means of grappling with debts of billions of dollars.

With its provision of shared working space, WeWork was once seen as the future of the workplace. The company, once valued at $47bn (£38bn), is now worth less than $50m (£41m), based on its latest share price.

The filing is expected to give the company protection from its creditors and landlords as it restructures its vast debts. A WeWork spokesperson said about 92 per cent of the company's lenders had agreed to convert their secured debt into equity under a restructuring support agreement. 

WeWork has more than 700 sites around the world and around 730,000 members, but the bankruptcy filing will only affect the company's business in the US and Canada, with the company stating that its spaces in other countries – including the UK – will remain open and...