WeWork to exit 40 US locations to cut costs, revenue outlook disappoints

WeWork Inc said on Thursday 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.