WeWork Approaches Certain Landlords For Rent Waiver For April
New Delhi: Fianancial trouble is brwing up at co-working operator WeWork, so much so that it has approached landlords at some of its locations for waiver of rents for April, according to a news report by market wire Bloomberg.
The company has written to some of its landlords for “rent abatements, revenue-sharing agreements and other lease amendments,”. However, it has paid rents for the other locations.
Amid the corona virus pandemic and lockdown in most countries, the co-working company is struggling to meet rent commitments. The company has a total of USD 47 billion rent bill and has been trying to cut down on the bill for some time now.
It has been trying to cut down on various expenditures and has even resorted to lay-offs since its IPO failed last year.