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IPFS News Link • Economy - Economics USA

WeWork To Renegotiate All Leases; Plans To Cut 'Underperforming' Offices

• Zero Hedge

WeWork CEO David Tolley published a letter on Wednesday morning, indicating the struggling co-working start-up "will seek to negotiate terms with our landlords" and "part of these negotiations, we expect to exit unfit and underperforming locations and to reinvest in our strongest assets as we continuously improve our product." 

"As when we've closed locations in the past, we will promptly inform members and offer alternative arrangements and additional support to minimize any disruption or inconvenience," Tolley wrote. 

Last month, WeWork stated in a 10-Q filing that "substantial doubt exists about the company's ability to continue as a going concern." Since WeWork continues to hemorrhage cash and liquidity is running thin, the money-losing business appears to be on its last leg.