(Toronto) WeWork is seeking to quickly terminate several Canadian leases as part of bankruptcy proceedings for the company specializing in shared workspaces.
Court filings show the company is seeking to exit two leases in Toronto, two in Vancouver and one in Burnaby, British Columbia, as part of its efforts to clean up its balance sheet.
The five Canadian locations represent just a small portion of the 69 total leases for which it requested permission to exit early, with most located in New York.
WeWork said in an announcement late Monday that it had reached an agreement with the majority of its stakeholders to “significantly reduce” its debt as it works to reduce its portfolio of commercial office leases.
It has filed for Chapter 11 bankruptcy protection in the U.S. District Court in New Jersey, and also plans to initiate recognition proceedings in Canada, according to Monday’s announcement.
WeWork locations outside the United States and Canada will not be affected by the procedure, the company said, as will franchisees worldwide.
