WeWork may save $8 bn in rent after bankruptcy ends

BANKRUPT CO-WORKING COMPANY WeWork is nearly finished shrinking its moneylosing real estate portfolio and could leave court protection by the end of next month, the troubled firm said.

- STEVEN CHURCH NATALIE WONG

By abandoning about 150 locations and by negotiating with landlords to rewrite leases on 150 others, the company will save more than $8 billion in future rent, a reduction of about 40%, according to a WeWork statement released Tuesday. The key to reorganising has been reducing its real estate footprint, officials said.

It has finished negotiations on 90% of its portfolio, WeWork said.