WeWork is planning to get rid of some of its Toronto locations after filing for bankruptcy in both Canada and the U.S. this week, leaving the city with potentially two fewer coworking spaces.
Headquartered in New York City, the firm announced Monday that it has to take “strategic action to significantly strengthen its balance sheet,” which includes the Chapter 11 bankruptcy protection and “streamlining” its real estate footprint.
And, though it has a much smaller presence in Canada than south of the border, some of the legacy leases it hopes to shed are here in Toronto, as well as in Vancouver.
— blogTO (@blogTO) November 2, 2023
The Canadian Press reported Tuesday afternoon that WeWork is looking to cancel two of its Toronto leases at 171 East Liberty Street and 292 Adelaide Street West, along with two in Vancouver proper and one in Burnaby.
It appears that its largest and most stunning Toronto space in the Hudson’s Bay building on Queen Street will be spared.
Up until now, WeWork has had 660 open and upcoming locations across 119 cities around the world, including 47 in New York City, six in the Vancouver area, four in Montreal and one in Calgary.
Its Toronto presence has flip-flopped quite a bit, with the Hudson’s Bay space opening in early 2020, only for the firm to close its offices near Bloor and Yonge a year later, and then open one at 357 Bay this past summer.
A TV miniseries about WeWork’s rise and quick fall, called WeCrashed, debuted last year with Jared Leto starring as the fallen Neumann.