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WeWork terminates all new lease agreements with property owners: FT



FILE PHOTO: The WeWork logo appears at the entrance to a collaborative space in New York, New York, January 8, 2019. REUTERS / Brendan McDermid / File Photo

(Reuters) ̵

1; WeWork is pausing all new leases with property owners then the US office-sharing startup appears to be cutting costs, the Financial Times reported Thursday, citing people briefed on the matter.

The parent company We Company postponed the original offer last week after an investor survey of extended losses and corporate governance, as well as a business model that relies on long-term debt and short-term income.

WeWork did not respond to a Reuters request for comment on the report.

Reporting by Philip George in Bengaluru; Editing by Christopher Cushing

Our Standards: Thomson Reuters Trust Principles.

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