WeWork has tried to convey a semblance of strength in the midst of management upheaval and mass layoffs. It announced last week that it opened a record number of buildings in December, as coworking spaces long under construction were completed. But quietly, WeWork has been trying to shrink the number of buildings it leases even faster than is widely understood.
Company executives have been talking with landlords and reviewing internal options to find ways of getting out of leases it recently signed on as many as 100 buildings around the world, people familiar with the matter said. While it's unclear how many the company will actually exit, the 100 buildings represent between 10% and 15% of its overall office footprint.