Today, WeWork said it will exit about 40 locations across the United States and forecast current-quarter revenue below estimates as the flexible workspace provider faces high expenses and a strong U.S. dollar.
The company has been working to curb its real estate footprint and reduce headcount as it grapples with long-term lease obligations that stood at $15.57 billion as of September-end. Some of WeWork's tenants, in contrast, are only on short-term leases.
WeWork went public in 2021 after a two-year struggle and currently has a market cap of around $1.77 billion. Its pre-IPO valuation was once pegged at nearly $50 billion.
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