WeWork Late on Rent Payments as COVID-19 Negatively Impacts Revenue

Hoping to find alternative arrangements with landlords.

By
Tech 
7,259 Hypes 8 Comments

New York-based WeWork has missed some of its rent payments for the month of April.

According to a new report from Bloomberg, the co-working giant’s revenue has been suffering from the ongoing coronavirus pandemic, which has now forced it to forego paying its rent at some of its locations. Instead, it is now hoping to come to an agreement with various landlords regarding alternative options, such as revenue sharing, rent abatements, or other amendments to its leases to reduce its liabilities.

“WeWork believes in the long-term prospects of our locations and our relationships with landlords across the world,” said a statement from a WeWork spokesperson. “Rather than implementing a companywide policy on rent payments, we are individually reaching out to our more than 600 global landlord partners to work in good faith towards finding asset-specific solutions that benefit all parties involved.”

The news comes soon after WeWork offered various tenants discounts in the hopes to minimalize cancellations as a result of government-mandated quarantines and work-from-home arrangements.

Elsewhere in tech, here’s everything we know about the rumored iPhone 9.

Read Full Article

What to Read Next

'Parasite' Now Available to Stream Exclusively on Hulu
Entertainment

'Parasite' Now Available to Stream Exclusively on Hulu

The South Korean film took home four Oscars.

NEIGHBORHOOD Teases Outdoor Collab With Helinox
Design

NEIGHBORHOOD Teases Outdoor Collab With Helinox

Featuring a sun shelter, camping chair, portable cot, and packable table.

PUMA & Porsche Celebrate the 911 Turbo With Footwear & Apparel Capsule
Footwear

PUMA & Porsche Celebrate the 911 Turbo With Footwear & Apparel Capsule

Including iterations of the Future Rider and Speedcat Lux.


Awesome Boy and Ichiryu made Customize COOJI, Champion and More for FW20
Fashion

Awesome Boy and Ichiryu made Customize COOJI, Champion and More for FW20

Vintage garments have been given a new life.

Philly Rapper & A$AP Mob Affiliate Chynna Has Passed Away at 25
Music

Philly Rapper & A$AP Mob Affiliate Chynna Has Passed Away at 25

Kehlani, Kari Faux, Vince Staples, and more pay tribute to the A$AP Yams mentee.

Disney+ Hits 50 Million Subscribers
Entertainment

Disney+ Hits 50 Million Subscribers

Only five months after its initial launch.

More ▾
 
Subscribe to our Newsletter

Gain access to exclusive interviews with industry creatives, think pieces, trend forecasts, guides and more.

By subscribing, you agree to our Terms of Use and Privacy Policy.

Help us serve you better

We appreciate your support in allowing HYPEBEAST ads, where we can share contents from the latest fashion, to those culturally relevant. In adding HYPEBEAST to your ad blocker's whitelist, ads on our sites will show while you continue to browse.