WeWork Isn’t Paying Some April Rent as It Seeks Landlord Relief

The WeWork logo sits on the entrance to the co-working office space, operated by the parent company We Co., on Eastcheap in London, U.K., on Monday, Oct. 7, 2019. While WeWork has been rapidly expanding in Canada, the New York-based company is facing challenges on multiple fronts with Landlords in London and New York the most exposed to any further deterioration at the co-working firm. Photographer: Bryn Colton/Bloomberg , Bloomberg

Gillian Tan, Bloomberg News

Apr 8, 2020

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(Bloomberg) -- WeWork hasn’t paid April rent for some of its locations and is approaching landlords regarding rent abatements, revenue-sharing agreements and other lease amendments as it seeks to trim its liabilities, according to people with knowledge of the matter.

WeWork has paid April rent for other locations, said one of the people, who asked not to be identified because the matter is private.

“WeWork believes in the long-term prospects of our locations and our relationships with landlords across the world,” a WeWork spokesperson said in a statement. “Rather than implementing a companywide policy on rent payments, we are individually reaching out to our more than 600 global landlord partners to work in good faith towards finding asset-specific solutions that benefit all parties involved.”

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