WeWork to exit 40 locations in US to cut costs

FLEXIBLE workspace provider WeWork on Thursday (Nov 10) said it will exit about 40 locations across the United States in a bid to cut costs.

The closures, of about 41,000 workstations, are expected to pull down revenue but the simultaneous cost reductions will contribute roughly US$140 million to annual adjusted core earnings.

The move is a part of the company’s effort to pare back expenses and reduce its debt load and lease obligations.

WeWork’s systemwide real estate portfolio consisted of 801 locations across 39 countries, as of Sep 30. REUTERS