Good morning from the Financial Times. Today is Tuesday, November 7th, and this is your

FT News briefing. We work is looking for a new lease on life and PWC is cutting up to 600 jobs in the UK.

Plus the F.T.'s Peter Spiegel reveals which city in the US is the best for foreign investment.

Much to my surprise, I guess, we had a huge number of Texas cities that finished in the top 10.

Part of it is their low tax environment, they're business friendly,

a lot of loose labor laws.

I'm Sonia Hudson and for Mark Filipino,

and here's the news you need to start your day. We work filed for bankruptcy yesterday. It's the latest in a long list of troubles

for the co-working startup that was once valued at nearly 50 billion dollars.

The FT's Sujit Indap has been covering the saga and he joins me now.

Hey Sujit.

Hello, thanks for having me.

So tell me about the main factors that led to this bankruptcy.

What brought we work to the brink?

Yeah, so it's very interesting.

Adam Newman, who is the very famous eccentric founder of We Work for many years ago,

had conceived the company as really a tech startup that they could take this

boring sector office space and turn it into this tech infused type of business.

But what was most interesting to me about that business model was that it really resembled a bank

and that Adam Newman ended up signing up very expensive long-term leases

and office buildings and then would rent out the space

sub-lease at two tech companies or startups or whatever

...