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Knotel is filing for Chapter 11 bankruptcy and proposed a sale to Newmark, its largest investor.
The one-time office unicorn lost a total of $202.3 million in the first 10 months of 2020, per newly-leaked documents.
Flexible workspace provider Knotel filed for bankruptcy on Sunday and said it plans to sell its business to the publicly-traded real-estate services company Newmark.
Knotel, once one of the brightest and most valuable names in an ascendant industry, filed under seal for Chapter 11 reorganization in US Bankruptcy Court in the District of Delaware, following in the recent footsteps of other flex-office companies.