Bankrupt WeWork to Immediately Dump 40 NYC Office Leases

Business
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  • WeWork Inc. is terminating dozens of leases in New York after filing for bankruptcy.
  • The terminated leases include prime locations near Union Square and in downtown Manhattan.
  • WeWork has already stopped operating in most of the spaces it plans to exit.
  • The company still has 47 open locations in New York.
  • WeWork’s bankruptcy is a result of loss-making offices.
  • The CEO is focused on improving the company’s balance sheet by addressing legacy leases.
  • Chapter 11 bankruptcy allows WeWork to exit burdensome contracts.
  • The lease terminations require approval from the bankruptcy court.