The New York company said late Monday that it had entered into a restructuring agreement with most of its stakeholders aimed at slashing its debt, while it looks to trim its commercial office lease portfolio.
“WeWork as a company may survive, but they’ve got a tremendous amount of baggage,” she added. “The new management team has to prove that they’re good operators.” Its bankruptcy filing arrives at a time of incredible disruption in the commercial real estate market. The COVID-19 pandemic led to a spike in vacancies and major markets, from New York to San Francisco, are still struggling. And on a market-by-market and building-by-building level, landlords with exposure to WeWork could take significant hits if their leases are terminated.
How many WeWork locations will remain open going forward is not known. Tolley said Tuesday he expects WeWork to exit additional locations as talks continue with landlords — but hopes to leave as few as possible. The company says it plans to stay in the vast majority of its current markets.
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