Companies

WeWork renegotiating almost all its leases

The company, which was once valued at $47bn, has been struggling in recent years and is currently worth just $184m

WeWork warned investors last month that there was “substantial doubt” about its ability to stay in business

WeWork, the well-known co-work space provider, is renegotiating nearly all of its leases with landlords and plans to exit “unfit and underperforming” locations, chief executive David Tolley has said.

The company, which was once valued at $47 billion, has been struggling in recent years and is currently worth just $184 million.

“We intend to remain in the majority of our buildings and markets,” Tolley said in a statement posted on the co-working company’s website. “As ...