Forbes
WeWork announced Wednesday it plans to renegotiate “nearly all” of its leases in an effort to lower operating expenses and stay in business “for many years to come”—weeks after warning its ability to stay in business was in doubt.
KEY FACTS
Through the renegotiation process, WeWork expects to stay in most of its markets and buildings, but will “exit unfit and underperforming locations” and reinvest in assets that are better-performing.
WeWork introduced the idea of renegotiating its leases nearly a month ago, when it announced there was “substantial doubt” about staying in business, citing a “slight decline in memberships” and “increasing competition.”
At that time, the company said it was also trying to reduce member churn, increase sales, limit expenses and seek additional capital…
