WeWork Says `Majority` Of Rightsizing Is Done, Sets May Target To Exit Bankruptcy

Coworking giant WeWork has determined its path forward on 90% of its approximately 500 global locations and is working to emerge from Chapter 11 bankruptcy in the U.S. and Canada by the end of May, it said in a release Tuesday.

The company said it reached agreements with landlords to amend 150 leases, although some of the contracts have yet to be executed, and it will maintain its leases at another 150 locations without changes to lease terms. Another roughly 150 locations will be shuttered through lease rejections or exits negotiated with its landlords.

The future of around 10% of WeWork’s global portfolio, or around 59 locations, remains in flux. But Peter Greenspan, the firm’s global head of real estate, told Bloomberg Tuesday that WeWork staff was “spending a lot of time with landlords … trying to find ways for us to maintain our presence in the buildings.”
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RSK: As long as Adam is not involved I wish them luck and hope the building owners didn`t take too bad a hit.