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In September, WeWork said it would begin to renegotiate all its leases and exit certain locations. The company was renting nearly 20 million square feet of office space in June, more than any other company in the United States. Monday’s actions will not affect WeWork franchises outside the United States and Canada, the company said. WeWork’s demise is a blow for landlords who have leased a large proportion of their space to the company. It focused on leasing, rather than buying, office space and parceling it out to customers that included freelancers, small businesses and larger corporations.

Persons: WeWork, ” WeWork, Adam Neumann, Miguel McKelvey Locations: United States, Canada, WeWork, Lower Manhattan

☆ WeWork Skips $95 Million in Interest Payments
▼ + stars: | 2023-10-02 | by ( Lauren Hirsch | More About Lauren Hirsch | ) www.nytimes.com time to read: +1 min

WeWork said on Monday that it would not make two sets of interest payments totaling about $95 million, a move meant to jump-start negotiations with its lenders at the same time it tries to cut costs with its landlords. The missed interest payments will undoubtedly spur speculation of a bankruptcy filing. But WeWork says it has the cash on hand, and the company has a 30-day grace period to make the payments, which were due Monday. At the end of June, it had $205 million in cash and access to a credit line worth $475 million. “I believe they will absolutely understand our decision to enter into the grace period,” WeWork’s interim chief executive, David Tolley, said in an interview.

Persons: WeWork, ”, David Tolley

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