NEW YORK (AP) WeWorks new leaders formally suspended a planned stock market debut Monday, as they seek to repair the battered image of a company that appeared to revolutionize the office-rental industry and was poised just weeks ago to go public with a value of nearly $50 billion.

WeWork said it will withdraw regulatory filings announcing an initial public offering, which drew tepid interest from potential investors concerned about the companys money-losing business model and the corporate governance practices of co-founder Adam Neumann, who stepped aside last week as chief executive officer.

We have decided to postpone our IPO to focus on our core business, the fundamentals of which remain strong, the companys new co-chief executive officers, Artie Minson and Sebastian Gunningham, said in a statement. We have every intention to operate WeWork as a public company and look forward to revisiting the public equity markets in the future.