Office space provider WeWork evicts tenants amid debt crisis
- WeWork is shutting one of its major UK branches and turfing out tenants
- US firm is battling a debt crisis and growing doubts about its future
Struggling office space provider WeWork is shutting down one of its major UK branches and turfing out its tenants, The Mail on Sunday understands.
The US firm, which is battling a debt crisis and growing doubts about its future, has given tenants 30 days’ notice to vacate its offices at 133 Houndsditch in the City of London.
Struggling: WeWork has already begun cutting back office space in the US
The company said: ‘As part of WeWork’s efforts to achieve a sustainable capital structure and profitable business to serve our members for the long term, we made the decision to stop operating our location at 133 Houndsditch.’
WeWork said it would help customers move to its nearby locations.
It emerged last week that WeWork would miss two debt payments totalling more than £77 million, sparking panic that the company is on the verge of bankruptcy.
The firm has already begun cutting back office space in the US and last month said it would try to renegotiate all of its leases in an effort to save cash.
Valued at £39 billion at its peak, WeWork has struggled to recover from an aborted attempt to list its shares on the US stock market in 2019. It is now worth just £102 million.
