Office space provider WeWork evicts tenants amid debt crisis
WeWork, a struggling office space provider, is closing one of its main UK branches and evicting its tenants, The Mail on Sunday understands.
The American firm, which is battling a debt crisis and growing doubts about its future, has given its tenants 30 days’ notice to vacate its offices at 133 Houndsditch, in the City of London.
The company said: “As part of WeWork’s efforts to achieve a sustainable capital structure and profitable business to serve our members over the long term, we have made the decision to cease operating our location at 133 Houndsditch.”
WeWork said it would help customers commute to its nearby locations.
Last week it emerged that WeWork would default on two debt payments totaling more than £77m, sparking panic that the company is on the brink of bankruptcy.
Struggling: WeWork has already started cutting office space in the US
The company has already begun cutting office space in the United States and last month said it would try to renegotiate all of its leases in an effort to save cash.
Valued at £39bn at its peak, WeWork has struggled to recover from a failed attempt to list its shares on the US stock market in 2019. It is now worth just £102m.
