WeWork Will Renegotiate ‘Nearly All Leases’—After Warning It May Go Out Of Business
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WeWork plans to renegotiate nearly all leases to lower expenses after warning it may go out of business due to losses and declining memberships.
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WeWork aims to stay in most markets but will exit some locations. It introduced renegotiating leases a month ago.
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WeWork stock price has fallen from over $400 in 2021 to $3.42 currently.
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WeWork had 777 locations in 39 countries as of June with 906,000 workstations and 653,000 members.
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WeWork was once valued at $47B but has struggled since founder Adam Neumann's 2019 exit, though occupancy and revenue have risen recently.