(Washington) The White House, the 220-year-old home of the US President, has filed for bankruptcy.
The privately held company had been struggling as the process of governing has changed in recent years. But it has been decimated by the coronavirus pandemic, which sent demand for government plummeting. Many working-from-home employees opted for far less governance in their lives.
"Although the pandemic has severely eroded the outlook for the Executive Branch, the White House has long suffered from a failure to decisively adapt to changing trends," said Neel Sanders, the managing director of GlobalData Retail. "When it comes to tastes and style, the White House has been swimming against the tide."
The White House filed for Chapter 11 early Wednesday in a Delaware court. It had warned, in June, that it would lay off nearly 700 workers in three states, and is seeking a buyer because coronavirus destroyed its business.
The company has been evaluating various strategic options, including a potential sale. But it has struggled to find a buyer. A company spokesperson told CNN Business that it expects to "complete the sale process within the next few months."